Exxon Mobil Bear Flag Signals Drop Coming

Shares of Exxon Mobil (XOM) have a tight bear flag formation on the daily chart. This signals downside coming in the next couple of weeks for this oil play. The downside support level is $48.40 from its current $56.10 level. That means there is an over 10% downside reward to swing traders looking to short Exxon Mobil.

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Dick Kaplan 2 weeks ago Member's comment

You need to wait for the leg to drop out of the rectangle to confirm the bear flag formation. All you have right now is consolidation since there's been no break-out.