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Tuesday, April 26, 2011
Rex American Resources Corp. (REX)
REX American resources has a book value per share of $25.18, and currently trades at $16.75. I believe this is a value play and worth around $20. It's P/B ratio is a .64. Technically this looks like it is setting up a long play. Once the $17 resistance is broken, a nice uptrend should form and take this to the June 2010 high of $19.20. I believe their is a nice 17-20% upside to this.
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Another BREAKOUT today! Still needs to beat the ultimate resistance at $17.35. I'm looking for a test of this level, and then entry upon the pullback. Target of $19-$20. I'm still convinced REX is undervalued, and now it's showing nice momentum.
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