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XOM (Exxon Mobil)-- Back on May 19, 2026, a fellow MPTrader member requested an update on XOM. This is what we discussed at that time:My attached Daily Chart setup shows my preferred scenario calling for a near-term peak of the current upmove from the 4/17 low at 141.97 to a target zone from 162 to 165, followed by a rollover and press lower that revisits and possibly breaks the 41/7 low, which also will complete the larger corrective process from the 3/30/26 ATH at 176.41. In other words, my pattern work considers all the price action from the 3/30/26 ATH at 176.
In Case You Missed It…In general, the major equity indexes remain out of sync with trading volumes below average. Liquidity was slightly lacking on Thursday and Friday. SPX lost approximately 45 points this week and for now remains in its two month long sideways range. Of note is NDX, which did break below its sideways support level on Friday, closing just off the final hour low of the day: (notice the size difference between the candles leading into the top (controlled) and those after the top was struck)But again, SPX held support.
One of the lessons I have learned through the years is that a triangle is not truly a triangle until it actually completes. There are a number of ways one can count a corrective structure, and a triangle is just one way. So, while this is looking like we are trying to form a triangle at this time, it can always invalidate and morph into something else. In fact, I have outlined over the weekend how this can still take us lower in a more direct fashion.
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