I've been out of EXX since it bounced up from 120-ish the first time. It's been flirting with the supports and then dropping through them very aggressively. I don't have the guts for these kinds of trades - neither long or short. I don't know what the fundamental reasons are for the drops. Exxaro have recently discovered an awesome seam of coal, which I believe is bigger than anything else in the world, and which can apparently be extracted with a shovel and a good pair of boots. As far as I know, the fundamentals are good. Technically, she closed on the 89week SMA on Friday. The 89wma is a longer term indicator which acts like an elastic band. Effectively, the further the price moves from the 89wma, the harder it will run when it turns. When I mentioned the Fibonacci supports extending down to 9800 for EXX a few weeks ago I never really expected them to be actually tested. But I closed my positions anyway, and this gives me the luxury of watching from the sidelines right now. 9800 is the last beach-head for EXX, once breached there's a long drop to a double bottom at 8000, and if that fails there's an even longer one to a 12-month, 100% retracement at 5500. So, last week EXX closed exactly on a long-term rising support line as well as the 89wma and about 400c above the 61.8% fibo retracement. If I do get in it will be with very small positions and tight stops below the support, and then feed in more contracts as the price rises. The market in general is heading for a big rise toward September/October, and getting stocks such as EXX at these prices could be a bargain.
This company is way too good to go down now!!! The fall on friday really shocked me... I had some positions long at 11000c, went in some more at 10000c today. Now is 10650c... I still believe it can run up till 14000 to 15000 in a few short months time!!!
Ok, I got in at 103 this morning. If she ducks down to about 100 I'll get more and then wait a bit. Stop losses start firing from 95 down to 89. Every 500c up, I feed more into the position and move the stops up a bit...
Aloha hombres...tis the pub open as yet???....good to see u okes around. G-man...how was ur trip?...hope the sand did'nt rub you the wrong way....afterall u have the missus for that. WRT exx got into a small posi on dbg's on friday and out this arvie for 30%. Tough balance between patience and greed...know some hombres down a few bar on this issue and in mucho pain. Way I see it...its a kinda of red/black trade....may break out or down tomorrow. BTW the big seller was still around today...kept moving up 50c when buying pressure got too much. adios amigos. Y...bottoms up!
Driving me nuts bru'..Osama now plays chess for Gauteng North (god help us), hence every friggin weekend 8-5 tourno's.....and hitler is the reason I get asked to leave the hall....nights...together with help from sis, they collectively destroy all 'good vibrations" bestowed by the keep on walking man.