Re-cap Exxaro Resources Ltd. [JSE:EXX]:
An update on our technical trade note dated 5th July for Exxaro Resources Ltd...
The Trade:
Direction: Buy (long)
Entry: 9610c
Stop: Loss: 9182 (updated from 8729)
Take Profit: 10801c
The Trade re-cap:
A week has passed since we placed the Exxaro Resources Ltd (EXX) trade at 9610c on the 5th of June. The price action went sideways for 3 trading days and started to move lower reaching a low of 9402c where it found some support and started to move higher from there.
Yesterday the price shot up to 9947c where it found new longer-term resistance and retraced back to 9786c, closing the day at 9700. The original Stop loss level of 8729c has been moved up to 9182c in anticipation of a head and shoulder pattern forming on the daily time frame with a target of 10801c.
Source - Bloomberg
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Barry Dumas | Trading Specialist at GT247.com
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