Rex Intl – [Due For A Pullback? What Does The Chart Says?]
Chart Source : Poemsview 26th Sept 2018
Rex Intl had a fantastic run from around $0.045 level to a high of $0.116. Very few would have thought that it could run that much. And to be honest, this huge run also took us by surprise too. A very rare penny stock to have made such a move.
Rex Intl had some news released regarding some interest for assets in Lime Petroleum and the better than expected results of the oil reservoir. which might have been the reason for driving the price up.
With that we saw Rex Intl soaring through the roof and almost tripled in one month’s time. As of now, Rex Intl might seem overextended and a good healthy pullback might be good.
It has broken below its immediate uptrend line and also for the first time closed below its 5 days simple moving average. All these might suggest that some pullback might be due.
We’re putting our first support at $0.1 and will update again. The current resistance might be at $0.116.
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