LCQ trade ideas
The sun will come out... ExxaroEXX seems to be forming an inverse head & Shoulders pattern at the bottom of the trend (in my mind anyway). RSI looking strong enough to buy on a slight pull-back but I certainly will not be chasing it. If the pattern plays out, I reckon we will see the price make a run for the 200 day Moving average.
EXX not breaking through supportJSE:EXX has been struggling at a support level since late August. It doesn't seem like it is going to be breaking through any time soon, so I am looking out for confirmation to possibly enter a long position. If it breaks through the fractal of the 27th of September, I will consider entering.
EXX - time for a correction rally?A conflux of technical indicators supports a bullish bias.
Setup remains risky as it is only an expected counter-trend relief rally.
The blue line on the main chart is the lower two standard deviation range. Increasing probability for a relief rally as the price action is overextended to the downside.
MACD (lower panel) confirms a bullish trend direction.
Retracted from RSI oversold territory.
ADX forming a peak - hinting that the previous strong bearish trend is losing momentum. This might support a bullish price action.
Time to exit: +/- 13 September 2019
EXX - New Bear Trend We may derive the following from the Weekly EXX chart:
1. Price has broken our major 2016 uptrend.
2. It is probable that price will continue to decline.
3. Watch for short opportunities.
4. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
EXX - Spot on! Where to now?We may derive the following from the Weekly EXX chart:
1. Price has reached our channel support (See linked idea).
2. Majority of profit can be taken.
3. A bid is most likely to occur at the support (pink line) - however a break of the trend is possible.
4. Monitor price action.
5. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.