Hi V8. Here's that chart. I was fooled by the highlighted candle. Initially it looked like an exhaustion move at support. Little did I know that the exhaustion moves were to come over the last 2 trading days. Anyway, it closed on a decent volume hammer on Friday so I' be buying today.
Providing the trend remains in tact, exhaustion moves can be quite rewarding as price magnetically reverts back to trend. In this case 46-50c. We'll have to keep an eye on the momentum as if it is strong then I would expect it to power through to the top of the channel - 70c. That's a grey call though. First things first. Let's get back into that channel!
SXA Price at posting:
39.5¢ Sentiment: Buy Disclosure: Not Held
