The bearish DailyPlay we chose for Friday August 11th is Exxon Mobil (XOM). XOM is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 0.74% move higher but its 1m and 6m trend has turned bearish on 8/7 while bouncing lower off its $67 resistance level.
Exxon Mobil’s 1m and 6m trends turned bearish on 8/4 and recently broke below its $80 support level which now becomes resistance. With a technical score of 5 (out of 10), XOM is a strong bearish stock that is likely to continue lower.
As a stop loss, if XOM was to trade above $80 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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