Xstrata

An old favourite looking very strong to exceed 1200



Closer up you can see this hitting the 50% fib of the (( a )) wave and the 61.8% fib of the (( w )), together with the support of the (( b )) wave and the 61.8% fib of wave A.
It has completed seven swings from (( w )) indicating the completion of a corrective cycle.
The RSI and StochRSI both appear to have bottomed.

Perhaps this share will trade "normally" now that the merger uncertainty is fading! That said, maybe its better to start trading GLEN instead because XTA will be no more soon

Anyway, here's the chart I promised earlier - wood from the trees springs to mind, but I do wonder if there's an arbitrage trade to be had whilst the 1:3.05 ratio remains at play (its closing fast!)

redchilly wrote: yeah ideally SL should have been above previous high but that was too far away for my liking...doh
you win some and you loose some

RedChilly,

Your trades of late have been excellent... Shorting XTA was a tough call - and just as well you had a stop loss in place because its up by over 5% as I type...

It seems to be that its trading in a narrow band of c.1100 to c.1200.

Will try to post a chart later...

Good luck!

yeah ideally SL should have been above previous high but that was too far away for my liking...doh
you win some and you loose some

I liked the rationale for entering the trade RC adn the we still have the lower lows and the lower highs so isn't the trade still viable as long we don't put in price over 165 (previous high on daily)?

I was watching for an entry , but have not yet entered it.

Stopped out