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EXRO Technologies (EXRO.TO) – Technical Analysis
July Technical Analysis Update
Are you new to the EXRO story? Read our introductory post here.
Back in May we mentioned at $2.15 support level which was off by $0.14 as an ultimate intraday of $2.01 was hit but was relatively accurate for the level where the majority of volume went through. This makes us much more comfortable with the sideways movement of the stock which would indicate a flushing out of sellers as buyers build or add to their position. The move up could be magnified by any positive news releases but even without any we would expect the selling to dry up or at least move to higher levels over the coming weeks
The past few weeks have been encouraging, breaking above $2.40 two weeks ago, but that level looks as though it could be a little ahead of itself as we see in both the MACD and RSI below. Every time the RSI has broken above the 70 level the stock has drifted lower.
If the stock can hold this range and start moving towards $2.30-$2.35 that would look like confirmation that the sellers are retreating and/or we have some new buying power out there.
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