"Exxaro's Rocky Road: Bearish Signals Emerge Amid M Formation

"Exxaro's Rocky Road: Bearish Signals Emerge Amid M Formation Breakout, Price Target Set at R13000"
Exxaro Resources Ltd
1. Price Formation: The price has broken out from an M price formation on a daily chart.
2. Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a positive sign indicating short-term bullish momentum.
3. 200-day Moving Average is above the Price.
4. Thus, Mas 7<21<200
5. Relative Strength Index (RSI): The RSI is less than 50, indicating bearish momentum and potential further downward movement.
6. Price Target: R13000

Exxaro Resources Ltd – the company

Exxaro Resources Ltd is a large coal and heavy minerals mining company based in South Africa. The company operates facilities and offices in Africa, Europe, Australia, and Asia. It was founded in 2006 as the result of a merger between Kumba Resources and Eyesizwe Coal.
The company is the second-largest coal producer in South Africa and has interests in mineral sands operations and base metals. It is also involved in various initiatives to invest in renewable energy in South Africa.
Exxaro is listed on the Johannesburg Stock Exchange (JSE), and its mining activities have played a significant role in the South African economy. However, like any company involved in the extractive industries, it is subject to fluctuations in commodity prices and market demand.


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