Seeking Alpha

Paul Mosgovoy's  Instablog

Paul Mosgovoy
Send Message
Market updates are no longer posted to this site. All updates and communication are posted on LinkedIn: https://www.linkedin.com/profile/view?id=18898995&trk=nav_responsive_tab_profile Please request a link to be added to my network. Thank you, Paul Mosgovoy
My book:
Market Masters: Livermore, Wyckoff and Loeb
  • Exeter In A Deep Test 0 comments
    Oct 30, 2013 6:03 PM | about stocks: XRA

    Exeter Resource Corp. (NYSEMKT:XRA) is in a deep test of support.

    As sated in a previous blog post, we believe that the bottom (or a bottom) in Exeter was identified on October 19th.

    Price action promptly recovered from that low and tested resistance at 0.75 - 0.76.

    Now we are in a deep test of the original reversal. The price action looks threatening. However, when volume is taken into account, we can see that the thrust energy of the current move is much less than the thrust energy at the 0.62 low posted on October 16th.

    The daily chart below shows the comparison between the two days that formed the low and the current test of support. Volume at this two-day test has contracted over 60% from the two-day volume at the October 16th low.

    This is no guarantee of a move higher from here, but it does give some perspective.

    (click to enlarge)XRA Daily Chart

    Charts by StockCharts.com

    We are long XRA with a stop at 0.64.

    Disclaimer:

    This report is for discussion purposes and contains our opinions only. This posting is to publicly document our thinking and market analysis actions within the Three Ten Trading entity. The data was obtained from sources believed to be reliable. However, we make no guarantee as to the accuracy of that data.

    Investing or trading in equities, futures or options may result in a significant loss of capital, total loss of capital or a loss greater than available capital.

    We are not advocating any stock or in any way offering portfolio management advice or stock selection service.

    Respectfully,

    Paul Mosgovoy, President: Three Ten Trading, LLC

    Thank you for reading.

    Disclosure: I am long XRA.

    Stocks: XRA
Back To Paul Mosgovoy's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.