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5 Must-See Charts to Trade in April

Exxon Mobil

Not all of the big trades worth watching are bullish setups right now. Oil and gas supermajor Exxon Mobil (XOM - Get Report) is a good example of another huge name that's been doing its best to drag the broad market lower since November -- and it looks likely to continue underperforming.

That's because XOM is currently trading in a wide downtrending channel. Granted, the downtrend in Exxon may be shallow, but it's no less real -- and with shares coming down off of resistance this week, it could have considerably lower to fall, especially if the commodities Exxon owns continue to flounder. For traders looking for a shorting opportunity in this stock, it makes sense to make a bet as shares are moving down off of resistance.

I'd recommend keeping a protective stop just above the top of the channel.

To see this week's trades in action, check out this week's Must-See Charts portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.


Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to
TheStreet . Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily , and on Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation.
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