$ExxonMobil(XOM.US)
Context:
Exxon Mobil is one of the stocks I use to balance my high beta tech stocks amongst others. They tend to move up when tech moves lower and move lower when tech moves higher. What I use to generate some alpha rather than hold cash which stagnates. Having said that, cash is still an important tool to hedge.
My trade:
Closed - Oil seems to have completed five waves off the bottom and a pullback seems imminent.
Takeaway: The pullback will determine position. A languid three wave pullback into the typical wave 2 Fib levels favours a third wave whereas a sharp impulse down past 76.4 shifts probability towards still an ongoing bigger 4th. Price action at 200MA around the 142 level will be telling.
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