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Registered User
Joined: 2/19/2005
Posts: 38
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Hi,
In my effort to become better at the art of Technical Analysis, I am examining candlestick patterns and came across XOM. On a daily price chart using candlesticks, we have a bullish trend spanning from 11/24 to 12/04, 7 consecutive gaining sessions. On 12/05, we saw a Doji(?) form and "The relevance of a doji depends on the preceding trend or preceding candlesticks. After an advance, or long white candlestick, a doji signals that the buying pressure is starting to weaken."
Here we see that the Doji, in hindsight, correctly predicted the following decline of the stock from an open of 77.82 on 12/6 to a close of 75.50 on 12/8. It might be reasonable to assume the price will hit support at the 75 mark, the previous resistance level back between 11/9 and 11/16.
Any candlestickers out there who would like to opine on this, you are certainly welcome.
Regards,
Mark
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Registered User
Joined: 10/22/2006
Posts: 2
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QUOTE (markag) Hi,
In my effort to become better at the art of Technical Analysis, I am examining candlestick patterns and came across XOM. On a daily price chart using candlesticks, we have a bullish trend spanning from 11/24 to 12/04, 7 consecutive gaining sessions. On 12/05, we saw a Doji(?) form and "The relevance of a doji depends on the preceding trend or preceding candlesticks. After an advance, or long white candlestick, a doji signals that the buying pressure is starting to weaken."
Here we see that the Doji, in hindsight, correctly predicted the following decline of the stock from an open of 77.82 on 12/6 to a close of 75.50 on 12/8. It might be reasonable to assume the price will hit support at the 75 mark, the previous resistance level back between 11/9 and 11/16.
Any candlestickers out there who would like to opine on this, you are certainly welcome.
Regards,
Mark
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Registered User
Joined: 10/22/2006
Posts: 2
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I caught this Dojii and the one last month. My guess is the stock should drop further on Monday and close up for the day. Xom had a bad finish on Friday. The rest of the week I see Xom moving up to over 80.00 and something close to 100.00 before yearend. Xom is the only stock in the Dow that has great earnings and real wealth. Watch for a stock split and OPEC cutting production (OPEC meeting this week).
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Registered User
Joined: 1/28/2005
Posts: 6,049
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It looks better on the weekly chart.
Thanks
diceman
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