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6/28/99 Exxon Corp (XON)
Points to watch: Exxon and many of the other large oil stocks have fallen to important support levels. Exxon held support at 75 7/8 (the 50% retrace of its March 4th to May 4th rally) on intraday tests on Thursday and Friday. The stock broke below its 55 day moving average last Monday, its first time below the average since April 5th. Major technical indicators continue to deteriorate: OBV turned down sharply last Tuesday and daily MACD gave a sell signal on Thursday, daily RSI has been in a downtrend since the May peak, and the Money Flow indicator flashed a sell warning in Mid May. A break below the support at 75.88 would be a major sell signal, with the next downside support at 73 and then 67.3.
