A Turning Point for XOM Exxon Mobil

Last December 2009, I recommended three stocks for possible SHORT Trades on Long & Short Investment: BEN (Franklin Resources), DTG (Dollar Thrifty Automotive Group), and ASH (Ashland). I still recommend holding onto these three stocks as SHORT positions and along with them, I would like to consider adding Exxon Mobil.

Looking at a 2 year chart for XOM, we see that there is a $35 drop from $90 in 2008 before making its move back up. We also see a critical support line at $65 and if this support gets broken Exxon Mobil is headed much lower. In fact if this technical analysis is correct, then we should see XOM drop at least $25-$35 from $65 support. Let’s watch this one carefully. I recommend Shorting XOM only after it breaks $65 support level.

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