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  • Lester Davids

Satrix Resourcres (STXRES): Here's What You Need To Know - Wednesday, 10 April 2024

Wednesday, 10 April 2024 | 13h56

Reading Time: 2 Minutes

To trade, or open a new account, contact the Unum Capital Trading Desk: E-mail: | Call: 011 384 2923

Key Points

  • The ETF is higher by 26% from the 13 February research note (see yellow vertical line) which highlighted the divergence between the price and the Chinese Yuan.

  • Short Term Technical Rating: Overbought

  • Previous Session Short Term Technical Rating: Overbought

  • The ETF has advanced into a FLAT 200-WEEK SMA.

  • The ETF is extended by 10% above it's 21-day EMA. This is the largest extension since November 2022.

  • The ETF is approaching two key levels: (1) the previous swing high (Aug-2023) and (2) 50-61.8% Fibonacci Extension range (measured from the January 2023 high to the February 2024 low.

  • Bottom Line: For short term traders, it may be an opportunity to reduce some of the position into this strength and key levels.

Current Chart

The original comment, as published on Tuesday 13 February for Unum Capital clients, is shown below (Was 5274c, now nearing 6684c).

Lester Davids

Analyst: Unum Capital

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