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Wednesday, September 24, 2008

Exxon Mobil Corporation (XOM)



After multiple positive divergences XOM started a rebound on the 60-minute chart. It closed also the gap to the upside as it often happens testing now the $77.50 support. Resistance is now $81.80-82.
Look at the Amex Oil Index daily chart. Prices retested the resistance and now are pulling back. I am negative in the medium term, but the sector is still positive on a shorter time frame. Many operate buying retracements during pullbacks, I'd rather focus on specific patterns.

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