JSE:EXX Exxaro Stepping Stone Re-accumulation
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.
Comment
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. Comment
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.Comment
Breaking recent highs.
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