Exxaro Resources (EXX)
The strong candle structure means that, over the medium term, momentum has as strong chance of continuing. On Friday, 28 June, I highlighted the previous day's strong candle structure that saw the share close near the highs of the day and with the swing pivot being a trigger to add to the position. From 17668c, the share saw a strong advance, reaching a high of 19056c, which is just below a multi-week horizontal resistance level. Considering a lack of price progress year-to-date, this makes for an appealing technical setup for those with a higher time frame i.e. medium term. The projected upside target is R206. Note: We could see a short term pullback before a new break up takes place.
What I published:
How it's going:
I previously recommended EXX as a buy at R140-R145 just under 1 year ago (August 2023). We subsequently saw a move to R205 (from August to December).
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Lester Davids
Analyst: Unum Capital
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