Patterns (con’t) – Wal-Mart, Google, Exxon Mobil

By | July 31, 2014

Continuing our look at particular charts and patterns in the context of today’s sell-off.

Goggle (GOOGL) broke through an uptrend line drawn off the lows since May, and returned to its 50 day moving average, just above the 62%retracement level of this year’s range.

56. GOOGL chart

In March, shares of Exxon Mobil (XOM) took out the neckline of a cup and handle formation, and over the next several months moved up to the target projection price of the pattern. The stock price fell over 4% today, taking the stock below its 50 day moving average and the 2013 high.

56. XOM chart

The action in Wal-Mart (WMT) took it below a long term trend line on the weekly chart, and may be confirming the bearish divergence we have been following in the MacD and the decline in money flow.

56. WMTchart

Leave a Reply