From a point and figure chart perspective, today's $1.00 recovery rally in Exxon (XOM) does not appear to be consequential, at least not yet. Heavy resistance starts at 78.50 and stretches up to 81.00, which will have to be hurdled on a print of 81.25 to trigger a significant near-term buy signal.

Barring a print of 78.75, the dominant downtrend will continue, with potential targets at 72.50 and then 70.00.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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