IXR trade ideas
IXR - Is the bottom in?This came up on my stock screener (CCI below -100) and saw a post on hotcopper identifying a potential Wyckoff Spring (panic low).
hotcopper.com.au
More info here: tradingpsychologyedge.com
If this plays out correctly, it could be a very nice swing trade. First resistance level is $0.036
Not financial advice.
IXR - where will it land?Quick look at ASX:IXR after a big end to last week.
What has happened?
After a huge run up between May 2019 and October 2019, ASX:IXR topped out at $0.015. During the ensuing months, ASX:IXR found support at the 0.5 fib resistance (Support 1) which held until COVID-19 when this level turned into resistance (Resistance 1).
IXR bottomed out at the 0.786 fib resistance level (Support 2), confirmed by the WVF market bottoms and MACD crossover.
ASX:IXR has since been in an uptrend and has broke through Resistance 1 and Resistance 2 ($0.013) - which has now turned support (Support 3).
The previous high of $0.015 was broken through in early October and up until Friday had formed a new level of resistance (Resistance 3).
Where to from here?
After Friday's +18% day, expect new support at either the previous Resistance 3 ($0.015) or Support 3 ($0.013).
MACD crossover indicates potential for some more green days, however both the MFI / RSI / Stoch are all heading toward overbought. Based on this it would be worth watching for retracement to one of the points above.
$IXR.ASX it is setting up for move higher$IXR.ASX it is setting up for move higher
Ionic Rare Earths Limited (IXR, formerly Oro Verde Limited) is an Australian based company focusing on investments in the mining and resource sector. Currently IXR is focusing on its flagship Makuutu Rare Earths Project in Uganda.
Fair Value Estimate 0.020c Current price 0.013c