$XOM We're at an interesting cross-roads from a technical perspective. We broke out above the red resistance line which has kept a ceiling on Exxon ever since the covid crash. This is very bullish. But we then ran right up into pink resistance line which has kept a lid on Exxon since 2014 and stopped. 🤷‍♂️
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@Forklift5909 quit drawing those lines. They mean nothing. I can draw a straight vertical yellow line against your pink line and write some crap and give a $125 target.. all that matters is buying and holding and being bullish like me.. 🦬🦬
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@cockpit I used to have this attitude towards TA back when I didn't know anything about it, so I'll let it slide. I learned how it works, discovered that prices pivot around certain price points far too often to be a coincidence and it's improved my trading dramatically. If you're buying a holding for years that's fine. $XOM is a long term hold for fundamentals reasons. But traders use TA for a reason. You're just flying blind without it. Guess who bought $SPY calls at the bottom of the market twice in the past month because of these 'lines which mean nothing'? 🙋‍♂️ That stupid little green line on $SPY has made me over $5k so far. And that stupid little candle pattern circled (hammers) means the market is likely to continue up tomorrow, so I'm still holding my $SPY calls which have already tripled in value from yesterday. It doesn't work 100% of the time. But it's sure as shit better than guessing.
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