China XLX Fertiliser

Jump to Comments

- China XLX Fertiliser (CXF) staged a price break 2 days ago above the
uptrend line on the back of strong volume. The overall volume trend of the
price ascension has been rising, indicating the momentum of the rally is
intact.
- Yesterday CXF made a pullback but remained above the uptrend line. As
it was also made on very weak volume, we anticipate the rally to continue
after this brief weakness.
- The recent price move has also broken above the 10-day moving average,
which signals near-term bullishness for CXF. Coupled with the fact that
CXF still remains trending above the 50-day moving average, and the stillrising
stochastic indicator, we anticipate more upside ahead for CXF.
- Resistance is set at the recent S$1.50 peak and support is set at the
50% Fibonacci retracement level at S$1.15.

Leave a Comment

Filed under Uncategorized