Wednesday, April 13, 2016

Xtract Resources to Continue Going Down

Xtract Resources shares (LSE:XTR) should continue going down, and as such long trades do not make any sense in the market.

This is a highly volatile market, and there has been a bearish movement since the beginning of February 2016 till now. Bulls are fighting desperately to push the price upwards, but their effort is being frustrated now and then by bears.

The price is essentially below the EMA 21 and the William’s % Range Period 20 is currently heading downward from the overbought area. The most likely movement Xtract Resources, in the foreseeable future, is a southward movement, making the price to reach the support levels at 0.14, 0.12 and 0.10.

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