ECX continues to trade in a long tight price channel and if price returns to the top boundary of that channel (as it has previously) that action would have a target of arounf $2.50 Price has made a special type of pattern that suggests price should keep making generally higher weekly highs until it reaches $3.80. Now that would be nice!

ECX 28May21

5 February 2021

ECX has broken above a long-term, very strong level of resistance which suggests higher prices. An interim target is $2.23. Of interest the pattern price has made is a specialised chart pattern know as a Wyckoff pattern which has its own targetting technique. In this instance that target is $3.45 which would be a phenomonal outcome if realised. Wyckoff suggests we should see consistently higher troughs and peaks since the low in March - and that has certainly proved true to date.

ECX 5 Feb2021

29 September 2020

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

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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