Chart of the Day: XOM weekly chart continues downward spiral

Since 2016, XOM has been trading off 78.6% lower highs with MACD cross-downs followed by an ABCD completion. No reason to think this time would be any different considering the company has a fair bit of debt, production volumes has not been all that great and recent investments in US shale may not be as rosy as previously thought.

The target for this weekly CD leg is c.$60 which is a long way down.