XRO could be heading for $200. It has made a large pennant pattern and broke slightly above the upper pattern boundary last week to give a potential target of $192 (but $200 could be possible if that initial target is realised.

XRO 19Jul21

2 April 2021

XRO has had a fantastic run up over the past 5 or 6 years. It recently retraced (possibly in sympathy with Wall Street revaluing tech stocks generally. I see this as an Elliott Wave 4 and with price having broken above a downtrend line it could be started up on Wave 5 - which would normally see price go back above $160 before turning down again.

Note that the downtrend isn't a valid downtrend line because it can't be fitted to three peaks, however I'm electing to see it as a usable trendline. Could be a good long-term hold.

XRO 2Apr21


Robert Norman

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

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