Last week, on July 23, we wrote about a triple top scenario in Exxon Mobil (XOM). This update is for those who took interest in the first piece.
At the time, the target at  had already been reached. But as I mentioned in the July 23 piece, “The initial breakout level at  might make for another good entry downward (assuming that it actually reverses), after which the original target at  or the next level of support at around the 74.85 range  or critical support at 70.65 shown at  might make for good secondary and tertiary targets.”
As of today, the secondary target  had been hit, and we see something of a doji forming, indicating a balance between buying and selling pressure.
Having the patience to see a classic pattern play out to completion can be rewarding. Given multiple price targets, certain trade setups like this one also allow for a swing trader to spread one’s profit objectives across different price points, and to take advantage of the space allowing one to trail stops or place a stop at a breakeven level.
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