Xtract Resources Plc. price: XRT expected to go further southwards

Xtract Resources Plc. shares (LSE:XTR) is supposed to go downwards as the current price action supports more bearish movement, rather than bullish movement. From March 2021 to June, there were massive selling pressures in the market, as made evident by the downtrend witnessed during that period.

 

4 EMAs are used for this analysis, and they are EMAs 10, 20, 50, and 100. The color that stands for each EMA is shown at the top left part of the chart.

 

The 4 EMAs are currently moving sideways, to emphasize the current equilibrium in the market. Price can go downwards, moving below all the EMAs, plus the EMA 10. That is exactly what is anticipated sooner or later – for the trend to go downwards.

 

The outlook on XTR is bearish for the rest of the year, as the accumulation territories at 2.50, 2.00 and 1.50 can still be reached. The only event that can render this expectation invalid is when price goes upwards, especially above the EMA 10.

 

 

 

Azeez Mustapha

 

Market Analyst, Trading Signals Provider and Coach

 

Teach Yourself Technical Analysis: Technical analysis