Lexaria Bioscience Corp (LEXX)

[Fallingknife75]

I nibbled a few shares for the long haul at $1.01 recently, couldn't help myself :)

The Weekly chart shown below has a 20/50wma Death Cross pending w/both moving averages at roughly $1.60 where there is also a resistance level in the $1.60 - $1.70 range. On any rebound in the share price I think this will be a difficult and key level to break through.

http://schrts.co/tYZ8Dn

On the Daily chart we recently had a 50/200dma Death Cross which isn't surprising considering how steep the decline has been. As you stated the $1.00 area has had pretty good support and is fairly oversold IMO. However, if the current downtrend continues and the current area of support fails my next downward target for support is .775 which is the spike low from April 4th. Not saying it will happen, just the next target in line.

http://schrts.co/kUeZ5R

I still love the potential of LXRP if they can manage to actually market their products and get the revenues flowing that we have all been waiting for. I also still believe they are one large licensing deal from being a beast as well but the wait for this to occur has been trying to say the least. Hopefully the recent fall will subside soon as any Tax Loss selling will end with the new year.

All the best,

Knife