Gediminas Jasionis
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Excellon Resources (TSE:EXN) Stock Swings The Attractive Way

by Gediminas Jasionis Sep 29, 2010
EXN_chart.pngExcellon Resources (TSE:EXN) (PINK:EXLLF) looks ready for another upswing, though traders shouldn't get their hopes up before the important steps are made.

The stock has been in a price channel for some time now and swings were getting more swift and aggressive lately. Extraordinary volume was recorded lately as well, which points at ongoing accumulation. This phase should be followed by expansion, but positive news will likely have to trigger it.

The Canadian mineral miners Excellon are modestly profitable, but their top line is failing to get sustainable improvement. The business has seen the revenues decline year by year since 2007. The next annual report will obviously be better than the 2009 one and it might trigger the uptrend.[BANNER]

A recent turn of the 50-day MA is very positive. The average is heading up and a golden cross with the 200-day MA might happen soon enough, which could become yet another uptrend trigger. The current RSI at 50 shows there's room for an upswing and the price has already closed above the 50-day MA over the last trading session.

excellion_logo.jpgThe closest resistance points are at $0.85 and $0.90, but having the 200-day MA just below them at $0.84 makes this level rather hard to breach. The last attempt on very strong volume back in the middle of September showed that the aggressive one-day play cannot hold the price up.

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