XRO has been in its parabolic rise but will it continue further up. XRO has catapulted straight up in a straight line since a few years and any asset exhibiting such a parabolic move may often be followed by a sharp decline in price value. XRO has so far got rejected in the month of January 2021, at around $155.00 and currently trading at $136.00. Could it be the start of a decline in its price value?
The Monthly RSI value is 77.58 and the Weekly RSI is now at 64 after being extremely overbought and cooling off after giving a reading of 83 two weeks earlier. We can see a Bearish Engulfing Candlestick pattern forming this month though the month has not finished yet, but we should be mindful of the fact that if it closes this month weak, may be at the current levels or weaker, then it might continue lower in the months ahead for a deeper pull back.
It seems that at these current levels, it is extremely risky to buy XRO. We could see the pullback towards the 50% to 61.8% zone between $65.00 - $85.00 for a potential buying opportunity.
Please note these are my own notes for future reference, by no means trading advise for anyone. Please do your own research before entering into any trade.
The Monthly RSI value is 77.58 and the Weekly RSI is now at 64 after being extremely overbought and cooling off after giving a reading of 83 two weeks earlier. We can see a Bearish Engulfing Candlestick pattern forming this month though the month has not finished yet, but we should be mindful of the fact that if it closes this month weak, may be at the current levels or weaker, then it might continue lower in the months ahead for a deeper pull back.
It seems that at these current levels, it is extremely risky to buy XRO. We could see the pullback towards the 50% to 61.8% zone between $65.00 - $85.00 for a potential buying opportunity.
Please note these are my own notes for future reference, by no means trading advise for anyone. Please do your own research before entering into any trade.