Broadcom Inc Stock Code AVGO.NAS
Outlook
Price has declined for 3 consecutive days and in the past 2 days, a gap was created, indicating the stronger intensity of the downward movement. Price is on the lower edge of the cloud and a movement below the cloud would confirm the bearish trend. MACD is also about to turn lower while the slower MACD line has yet to turn bullish despite the prolong price rally. As long as price failed to close this gap, the trend is bearish and we think price could be on the way to test the low of $257.12 again.
Strategy
$283.60 Short Sell
$257.20 Price Target
$295.60 Risk Management Stop
3 weeks Trade Duration
Exxon Mobil Corporation Stock Code XOM.NYS
Outlook
Price failed to break above a resistance line and the cloud resistance and has declined back to the edge of the cloud. Price is now below the Conversion line but is above the Base line. The corrective rally was also capped by the Fibonacci 62% correction point of the decline from $83.55 to $70.73 low. MACD is turning down and with price below the cloud and Conversion line; we prefer to take the bearish stance. If price stays below the cloud, we think price could be moving lower to $ $72.42.
Strategy
$76.15 Short Sell
$72.42 Price Target
$77.95 Risk Management stop
3 weeks Trade Duration
