Trade Ideas for Thursday - Oracle and Exxon Mobil
Chart courtesy of www.stockcharts.com ( click to enlarge )XOM - Unfortunately the stock is still looking for a bottom. It has recently broken support at 68. Looking closely at the chart, it has not only broken an important support, but it has also broken a large symmetrical triangle that has been formed since the start of the stock’s decline February 2009. Currently 20 day MA is acting as a resistance. I expect price to move downwards to 64 and there is still a possibility of reaching 63-62 price level. The technical daily chart shows the stock is still weak, trading below 50 day and 200 day moving average while K line is falling below D line.
Chart courtesy of www.stockcharts.com ( click to enlarge )ORCL - The technical daily chart above is showing mixed signal as MACD indicate bull market as MACD is on top of signal line while KD and ROC still shows weak signal as K line is below D line and ROC is back at overbought level. The short term trend still looks bullish as the stock is still above 50 day and 200 day moving average, however fresh exposures may be avoided for the moment. A close below 18.36 would be an early sign of weakness and a drop below 18.25 would impart weakness.
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.
That's all Folks. See you tomorrow !!!
AC
