CORRESPONDENCE COURSES
Rex Intl: A good rebound caught! Price 0.113. Some upside possible before consolidation again.
Author: Trading Impossible | Joey Choy
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Just 2 weeks back, we saw Rex Intl approaching the key 0.100 resistance cautiously..
This level was definitely one to watch as we had been consolidating below this level for more than a year..
Any firm bullish price actions near it would be very interesting for further upside to continue..
More importantly, there were also some signs of strength from the trend indicators as we head towards 0.100,
Hence, a potential break out was expected and targets drawn,
See what I mean below..
All the way to 0.120 which was another key resistance to watch… Looking at about 18.1 % gain from this target as seen from the chart below..
The firm bullish move indeed came last week after some profit taking near 0.100…
Sellers were out to take profit and hold down prices initially but they just could not hold on any longer when buyers just cleared out the levels from 0.100 – 0.103 fast..
Targets were reiterated again as it happen last week…
All the way to 0.120…
There was still some room to go for the upside though we may experience some slight profit taking along the way, near 0.110…
Over the past few days, we have broken the 0.110 temp resistance as well…
Looks set to head towards 0.120 where some good selling can return again..
Would be good for those who have rode the upside to protect any profits…
and also look to book profit as it approaches 0.120…
Quite a good run seen and may still be playing out per current prices based on target drawn 2 weeks back… watching!
