Just thought I would post my technical interpretation of yesterday's trading (FWIW). I know some are going to shoot me down for this, but this is an information website, and some may be interested.
EXT is trading in a rising trendchannel -this is easy to see on a 30min or 1 hour chart. (Wish I knew how to post charts). What has happened over the last 3 days of trading is the share price has raced from the bottom of the month long trend channel at $3.00 to the high of $3.79 yesterday. In doing so, there was actually an overshoot of the upper boundary of the trend channel which was at $3.65ish. However it closed within the upper boundary at the end of the day. This overshoot could be seen as an exhaustion rally for this phase of the rally in EXT.
The slow stochastics on the hourly and 30 minute charts warn of a decline in the EXT share price in the short term, but only if the price breaks below the lower boundary of the 3 day trendchannel, being at 3.59ish today. A break here is likely to see a decline back to the lower boundary of the month long trend channel, being at about $3.25, and rising.
I am a long term EXT bull, but am also noticing signs of a short term top. I hope I am incorrect, but I guess we'll all know soon enough.
PS I dont discount the comments from other posters here that the EXT story is great, but at some stage the share price will need to take a breather and correct....this is much healthier in the long term for the price.
PPS I'd be pleased to hear comment from other chartists on what they see.
EXT Price at posting:
$3.58 Sentiment: Hold Disclosure: Held
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