Below is Project Z's take on XOM as of Friday mid-day . . a trade signal to exit a short position in effect since 4/27. This is NOT is BUY signal but simply a short cover signal. The outlook for XOM and oil as a sector still has a cloud over it, but if oil starts to display some traction, this looks like a good bet.
Over the weekend I watched a video Don Worden on Telchart put out explaining his feelings about likely market direction. He's not bullish . . and views the year long run up as mostly a temporary reversal of a longer term downtrend. He bases most of his argument on the strength of the MoneyStream indicator, a proprietary tool of Telechart that does have a pretty good track record. While he sees the potential for some additional short term upside, the longer term picture is lilely down. This is just one man's view of the markets but, based on Don's 35 years of tracking the markets, it's worth a consideration.
My old trading buddy, The Clueless One, is also a follower of Telechart and has a much more detailed exploration of the current MoneyStream (MS) situation.