$JSEEXX - Exxaro: What Will The Trendline Break Trigger?

Exxaro released a good set of FY2022 results on the 16th of March.
Salient results:
Revenue of R46.4 billion, up 41% from R32.8 billion
Net operating profit of R16.2 billion, up 67% from R9.7 billion
AEPS of 5 713 cents, up 11% from 5 128 cents
HEPS of 6 016 cents, up 28% from 4 683 cents
Final dividend of 1 136 cents per share, down 39 cents per share from 1 175 cents per share

The share price has had a steady ascent from the March 2020 low of 7507 to peak at 23998.
From the peak, the share traded generally sideways and the bears seem to be in control now.
The FY2022 results did little to excite the bulls and the share price is now trading below a significant trendline.
This is quite a slow moving and choppy share but in the short-term I will be looking for further downside while the share trades below 21000.


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