What a ride this stock has been for holders and it looks like the fun is going to continue.
Im sure an investor dreams of getting into a stock like ext early, it has been in a continuous uptrend for 8 months. By that i mean that it has closed above the previous months close continuously for the last 8 months...amazing.
Investors who have held tight have seen there holding increase in value every month...based on technicals Ext is the ultimate buy and hold, which has provided opportunities to accumulate at low risk on pull backs.
I have included a daily chart with the 20 50 and 200 period EMAs.
As is illustrated Ext has provided low risk entry or accumulation opportunities on 3 seperate pullbacks pretty much exactly to the 50 MA.
The second chart shows that the pullbacks to the 50 period ma coincide with an uptrending support line causing a confluence of support. This strong support has meant that any pullbacks to these levels are being met with strong buying....looking at the charts i think that the share price of ext is being managed very well (absence of gaps near perfect bounces off support)
In my opinion the charts are showing that ext is ready to go on another nice run and make new highs.
* Note the break of the down trending resistance line. In order for the break to be confirmed i would like to see the stock close above the previous closing high of 7.20.
* If the break and close is achieved - this should ignite a nice run and a measured move gives a target of around $9.00.
* Bullish MACD cross is suggesting that momentum is now to the upside and the $9.00 mark is technically very achievable.
Combine the technicals with the fact that the company is sitting on one of the most significant uranium find in decades - On going drilling - continuous resource up grades as other zones are drilled - and take over speculation.....it seems that nothing can de-rail the juggernaut that is Ext.
ive heard it so many times that one should not fall in love with a stock....if you are a holder of Ext i dont know how you could not fall in love with it.
EXT Price at posting:
$6.92 Sentiment: LT Buy Disclosure: Held
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