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Exeter Resource: Weekend Update

|Includes:Exeter Resource Corporation (XRA)

There is a measured move potential for Exeter Resource Corporation (NYSEMKT:XRA).

Looking at the weekly chart below, we see a terminating wedge in process. Terminating patterns form when price action has gone to an extreme too rapidly in either direction (up or down).

(click to enlarge)XRA WeeklyClick to enlarge

Charts by TeleChart

The chart shows that the past week saw an increase in volume from the prior week. This gives us some indication that the probability is shifting to higher price-action.

Should XRA break out to the up-side, the measured move target is shown.

Note the congestion area. This is a level of significant resistance. If XRA manages to make it to this area, it may stall out at this point.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: XRA