The price target seen several weeks ago is still in play and with price finally having closed above resistance yesterday, I expect price to continue moving up. The previous potential profit of 26% has been eroded to 10.5% given the intervening rise in price. Risk reward is now marginal for this potential trade – unless you are already in it.

ECX 29Sept2020

8 August 2020

ECX made a resistance break last Friday with a potential target of $1.83 which is very close to a natural level of resistance and a potential profit on current price of about 26% for a (hopefully) short-term trade. It seems the March low was probably the end of the last price cycle (Elliott Wave C for the efficiandos). Since March price has made a new uptrend and generally higher highs and lows on a weekly chart. Worth looking at.

ECX Aug 8 2020


Robert Norman

Phone: 0428 346 951

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