Get started
EXXARO RESOURCES LTD
Long

JSE:EXX Exxaro Stepping Stone Re-accumulation

By SteynTrade
Updated
Exxaro has be in a strong upward stride. In the recent move from the oversold line there has been two stepping stone re-accumulations. The current re-accumulation is about to be broken which would continue the move to the overbought line.
Note
Looking at the Daily TF we see some ease of movement on Fridays bar and we are still looking for the break of the TR. There is negative divergency with the Volume RSI strengthening the idea that this is re-accumulation.
snapshot
Note
Seems the TR that developed was a distribution TR. Price has backed up to an area of support that is the previous breakout level, Yearly Pivot Point and 200 Day SMA. If it backs up further the next level will be to watch the oversold line of the upward stride.
snapshot
Note
Breaking recent highs.
snapshot
jsejseexxSupply and DemandSupport and ResistanceVolume IndicatorVolumewyckoff
SteynTrade
Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.