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The World's Second Biggest Stock Is Crushing A 28-Year Trendline

Since the lows after the October 1987 crash, XOM has 'trended' positively for 28 years... finding support at a critical trendline four times over that period... until now. While internals of the market are weak, the fact that the world's second largest stock has broken an historic trendline is notably concerning and confirmed by what will be the 3rd monthly close below the level today...

 

 

It is perhaps most ironic that XOM is cutting its buyback program... just as its stock shits a 52-week low. It appears the old "buy high, sell low" corporate strategy is in play.

 

Charts: Bloomberg