AXAS Technicals Cooling Off, Getting Ready For Higher

AXAS completed a nice three-day pullback to tag the Ichimoku conversion line and the 50% fib trace. While it’s certainly possible (isn’t it always, lol) that it could pull back further, I would say that now that the technicals have had a little time to cool off and price has landed on a support zone, we should be looking at a nice move higher. I already have a sell stop in place to sell some shares when it hits the $2.70-ish zone/61% fib trace.

For some perspective, take a look at the monthly chart, below. MUX has had a roughly 40 month cycle from peak to peak, which puts the next theoretical peak at November of next year. It’ll be interesting to see if it hits the 161% fib again!

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