LXX / LXRP
I have added LXX to my Watchlist because it’s producing a descending triangle and is getting close to its first support level of $1.60. We are starting to see the 100sma come up to where LXX has been trading which I will be watching for it to bounce off of. Looking for it to re-test the resistance line on the descending triangle and breakthrough on increased volume accompanied by the MACD curling back up and make it cross through zero. Taking a look a the weekly chart it’s trading at the 21sma which has previously acted as support, watching for a bounce. A break of $1.90 will confirm its breakout.
Taking a look at level 2 we are seeing good support in the $1.60-$1.70 range, something iʼm watching for here is increased bid support come in and buying off the ask.
