EXL above daily EMA ribbon huge upsideThis one held support despite global weakness.
Targets
8
11,5
15,5
above let it run :D
Management is buying
Exl
Long trade on Elixinol Global (EXL)This trade truly is the epitome of risk:reward. If you look at Creso Pharma (CPH) in October-December of 2020, you will note EXL is mirroring similar price action. What this means, is that EXL is literally trading at all-time lows, and this takes into consideration the 2020 Covid Crash. I am currently in this trade with two (2) entries, one at $0.19 and another at $0.15. I will be holding this trade long term in anticipation of positive news regarding decriminalisation in the US, Canada, Europe, UK and subsequently Australia.
Good luck traders. Manage your risk.
ASX:EXL - Bullish revenge in 2020? After forming a double top at the end of May last year, ASX:EXL has been bled down - dropping 90% (!!) from its all time highs. The bulls stepped in, providing some relief with 4 straight weeks of buying early this year. Can this be sustained?
Here's why I'm bullish:
Volume: High volume week, pushing the OBV above the 13EMA. "Volume precedes price", aka "Follow the money"
Structure: Small inverse H/S on the daily, potentially forming a larger inverse H/S.
Divergence: Confirmed histogram div, willy stupid, RSI making higher high.
Weekly gap: >4% unaccounted for at the $4.5 price.
Trend break.
Zooming into the 1D chart
My prediction is we range for the next month, filling in the VPVR void and providing opportunities to accumulate for astute traders. This range would give us a larger inverse H/S, providing the bullish spring needed to begin regaining some of that 90% drop from last year.
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ASX: Elixinol GlobalFactors
1. Price has moved out of the LT downtrend (Starting April 19)
2. Price closed the recent gap while slowly building a base.
3. EMA is converging and slowly crossing upwards
4. There is an overhead gap at $2.10 which I would be looking to target.
Possible Reasons For Failure
1. No bullish price action/candlestick pattern printed after closing the recent gap
2. Prices may continue the downtrend
3. Target might be too optimistic
