Big up momentum - EXXAROA symmetrical triangle had formed on $JSE:EXX. Yesterday's price action broke through the triangle in an upward direction, triggering a long position. Today's momentum has remained strongly upward. If this momentum continues over the next few days I can see us easily reaching our target
XJSE_EXX_CFD trade ideas
EXXARO long position looking goodWe were entered into a long position on 24th of August based off of our momentum strategy. It took two days to get into a profit situation but with today's price action we are nicely in a profit situation for now. It may find a bit of resistance at the current levels, but once it breaks through I can see it going all the way to the target at the 195 level.
EXX Short after failed LongAfter our stop loss was reached when it broke out above the consolidation zone, it became clear that our trigger to enter long was a false breakout of the consolidation zone. With yesterday's move, VELOCITY:XJSE_EXX_CFD has broken out of the bottom of the sideways consolidation zone. Let's hope this short position works out better than the long position did.