Agoracom: Small Cap Investment - Excellon Resources - Break out confirmed - Silver cross 60 day MA to cross 200 day MA

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orgprophet

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Break out confirmed - Silver cross 60 day MA to cross 200 day MA

posted on Jul 25, 2019 06:56PM

On the charts the price difference is pretty much imperceptible at slightly over $15 ... However the next 20 days to fall off of 200 day moving average ranges between 15.26-16.07, above the average, but below the last weeks pricing of 16.31 to 16.53. More importantly the prices falling off the 60 day moving average are 14.37 -15.02 which are on or below the current 60 day ma. being replaced with significantly higher valued.

This confirms the bull market. Although consolidation is to be expected Next significant upward resistance is $17.40. Beyond that small resistance around 18.25, than 18.75 ... more significant resistance approaching $21 followed by some gentle resistance points before major resistance at $35.

Support level ... With current price well above $16, a drop below $15.20 then 15 would be strange but possible seems unlikely to me. Massive support at $14.20 means pretty limited downside risk, with more than doubling upside potential ...