Bearish DailyPlay for Friday August 11th, 2017 – Exxon Mobil (XOM)

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.

View this Trade Idea on XOM

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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