We have what is believed to be a very nice entry point for X-Terra Resources Inc. (XTT:TSX.V; XTRRF:OTCMKTS; XTR:FSE) here after its reaction back from the start of the month. This is a stock that we theoretically already have a 77% gain in (ex costs), as we bought it on the 5th May at C$0.09, and never sold it.
Its latest 3-month chart looks entirely positive. It is clearly in a larger uptrend with its moving averages in bullish alignment. The reaction back to support this month has largely unwound its earlier overbought condition and brought it back close to its rising 50-day moving average with this reaction being accompanied by a bullish dieback in volume and a positive Accumulation line. The rather extreme negative reading on its MACD histogram (bars) means that it has “plenty of gas in the tank” to start a new upleg from here.
We therefore stay long and this is a good point to add to positions or make fresh purchases.
X-Terra Resources website.
X-Terra Resources Inc. XTT.V, XTRRF on OTC, closed at C$0.16, $0.112 on 19th August 20.
Posted at 8.45 pm EDT on 19th August 2020.
Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.
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Charts provided by the author.
CliveMaund.com Disclosure:
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
