We recently saw it break out of the medium downtrend since January 20024.
The price broke above the W Formation's neckline and above the 20 and 200MA.
This states the medium term nature is HIGH probability for upside.
The concern is the price gapped up and now needs to fill.
SO I am patiently waiting for the Gap to close and then rebuy on the bounce of the...
Exxaro (EXX) is a BEE coal company with interests in iron and heavy minerals, operating in Australia, America, and Europe. It is a significant provider of coal to Eskom's Medupi power station. The company aims to increase coal production from 48 million tons presently to about 60 million tons by 2022, although this plan might be revised due to the lower demand for...
A price action above 19100 supports a bullish price action.
Increase long exposure for a break above 19800.
The target price is set at 20800.
The stop-loss price is set at 18000.
Remains above its 200-day simple moving average.
The falling wedge pattern supports the suggested target price.
The price action at the 23.6% Fibonacci retracement level might act as some...
The updated comment is in 'orange' on the chart.
JSE Coal Miners. Previously I highlighted buy ideas on both EXX at R145 (high of R185) and TGA at R134 (high of R170) while also discussing the equally-weighted relative chart versus the Top 40 Index. This is an updated chart of JSE Coal Miners Relative To JSE Top 40 Index which is a printing it's first test of...
Price has recovered well after reaching a low of R145 .
A bullish cross over of the 20ema over the 50ema has just taken place. The stock is still however trading under its 200dma which could be a hurdle at R180.
Support is now at R164.
Initially, I wrote that we could expect a break to the downside where there'll be a better entry for a short.
But the entry price never struck and the price turned up intot he channel.
Price is now breaking above the down channel, indicating a chosen direction - Up.
Other signs show some upside
7>21
RSI>50 - Bullish
Target R226.76
WARNING
I'm not too convinced...
Awaiting a confirmation from retest at previous support zone, then entering a long position for a 30% profit target.
You can include a SL if wanted @135
Exxaro (EXX) is South Africa's BEE coal company with interests in iron and heavy minerals. It has interests in Australia, America and Europe. It is a provider of coal to Eskom's Medupi power station. The company is trying to improve coal production from 48m tons presently to about 60m tons by 2022, but this policy might be changed due to the lower demand for coal...
"Exxaro's Rocky Road: Bearish Signals Emerge Amid M Formation Breakout, Price Target Set at R13000"
Exxaro Resources Ltd
1. Price Formation: The price has broken out from an M price formation on a daily chart.
2. Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a positive sign indicating short-term bullish momentum.
3. 200-day...
An order to go short has been triggered on JSE:EXX with today's move.
The order was placed based on the turning down of the stochastic and the MACD as well as the crossing of the EMAs.
The price has gone up a bit today so far, but I am confident that it will go downwards from here. If not, we adjust our plan accordingly.
The bulls have managed to reclaim the 20ema and with coal prices stabilising the stock is presenting a favourable entry point .
The first hurdle with be to get through the 50dma to target the dividend gap close at R187 (TP1)
A daily close below R160 negates the idea .
The previous idea of Exxaro hit a stop-loss without reaching price objective, the share is now in a reversal zone depicted by the intersection of a falling wedge & a median line of a pitchfork. Ideally we would want to see a daily swing low, followed by a close above the daily 10DMA for a long position. Less risk accepting investors can opt to add closing above...
The original analysis of Exxaro was on 23.03.2023 and I was already bearish, link below.
Exxaro is notorious for wild swings so this could be a big bear especially with coal prices under severe pressure.
I have overlaid the coal futures prices on the chart in gold
Bearish triggers:
1-Support trendline decisively broken.
2-Death Cross, 50EMA crossed below 200EMA...
Exxaro released a good set of FY2022 results on the 16th of March.
Salient results:
Revenue of R46.4 billion, up 41% from R32.8 billion
Net operating profit of R16.2 billion, up 67% from R9.7 billion
AEPS of 5 713 cents, up 11% from 5 128 cents
HEPS of 6 016 cents, up 28% from 4 683 cents
Final dividend of 1 136 cents per share, down 39 cents per share from 1 175...
Exxaro has recently met resistance at R238-240 level with a case for a double top. However price has the structure of a backtest (pull-back with decreasing bearish volume). Expectation is for price to resolve upwards and break above declining trendline resistance.
Profit Target: +20%
Stop-loss: R194
EXX is oversold into its 4 month lateral support base at the R193.00 level
If bears cannot break down below this level, EXX can see prices to start moving up again
JSE:EXX is looking good for a short if it breaks out of the upward channel it has been trading in. The stochastic, MACD and EMA's are all confirming the short, but I will wait for it to confirm through the bottom of the channel.
