Sold Exxon Mobil (XOM) On Break Of Trend Line
As I mentioned a few weeks ago in my buy of Exxon Mobil (XOM), I Exxon Mobil as it bounced off the trend line shown in the chart below. The stock did definitely bounce, but did not go high enough for me to take profits. Since then the stock has turned lower and has broken the trend line.
As I said when I opened the trade, one of the most important parts of this play was that I could identify a solid exit point. Well, that exit point was reached and I executed the sell.
I’ll consider re-opening the trade if it moves higher back above the trend line, but this market looks pretty ugly right now, so I’m not anticipating it.