Like Disney DIS Exxon Mobil XOM Surges in Breakout

Dec 12, 2016: 12:03 PM CST

Like Disney (DIS) last week, Exxon-Mobil (XOM) broke resistance, triggering a powerful bullish breakout.

Take a moment to review my post last Friday about Disney’s (DIS) bullish breakout into a key target.

After that, note the similar pattern and breakout through resistance in Exxon-Mobil (XOM) Monday.

XOM shares created a Double Bottom – on positive divergences – reversal pattern into November.

Price returned to the upper trendline just above $88.00 per share and buyers broke price above this level Friday, triggering a light bullish breakout.

Shares surged today on a gap and trend day above $90.00, officially clearing resistance to trigger a new bullish impulse likely back toward $94.00.

We’re targeting the prior high – a simple level – into the $94.00 level.

Use this as a quick update and good example of price forming then breaking a key resistance pivot.

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Corey Rosenbloom, CMT

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1 Comment

One Response to “Like Disney DIS Exxon Mobil XOM Surges in Breakout”

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