18-Jan-2024 - Keeping it Simple with Price Action & Technical Analysis...
@trent3727 - Just my opinion, but unless you are cost averaging, I would really avoid any fresh new entry in CXO.
If we look at the Weekly chart, there was growing confidence that it would hold the support at 0.375 - 0.4 level which was a long-term support, and it couldn't hold that. Since then, it has dropped further and is now near an almost bottom support from 2021. It will be interesting to see if it can even hold this, as isn't showing any strength at all.
I would be looking at this as a BUY
ONLY once it crosses that LONG resistance line since end-2022, and can hold its price well above 0.4.
Until then, there are heaps of opportunities on ASX shouting for you to make money ..
Good Luck.
