Potential outside week and bullish potential for CXO

Entry conditions:
(i) higher share price for above the level of the potential outside week noted on 27th June (i.e.: above the level of $0.1025).

Stop loss for the trade would be:
(i) below the low of the outside week on 20th June (i.e.: below $0.083), should the trade activate.

Trade active

UPDATE (week ending 04-Jul): Trade activated on 1st July, with the share price continuing above both 10 and 30 day MA's throughout the trading week. Important to note that there's a fair amount of congestion to work through from October 2024 on the daily chart - consider keeping the stop tight towards breakeven or beneath entry point at an area around $0.094 if risk tolerance is low, now that the trade has activated and moved up a reasonable amount.

Note

UPDATE (week ending 11-Jul): Sideways chop continues as the share price attempts to press to the upside through the congestion noted in last week's comment. Share price continues to behave and maintain itself above the 10 day MA for the meantime.

Note

UPDATE (week ending 18-Jul): Further sideways chop - no change from last week's comment - watch and wait...

Note

UPDATE (week ending 25-Jul): Higher highs and higher lows formed on the daily chart during this past trading week, with the share price closing above the 10 and 30 day MA's at the end of the trading week. If not already performed, consider raising stop to a profitable stop to an area below the candle formed on 17th July on the daily chart (i.e.: at or below $0.10), which aligns well with the 30 day MA (currently sitting at $0.103) and provides decent 'wiggle room' for the trade. Trade now considered 'further bullish potential'.

Trade closed: stop reached

UPDATE (week ending 01-Aug): A very lacklustre week of trading for CXO resulted in the profitable stop discussed in last week's note being triggered - congratulations in a well executed trade in a tough environment, especially for a tricky commodity that has left many traders baffled for quite some time (lithium) - it appears as though this particular commodity could leave many traders scratching their heads for a while longer yet!

Ivory_Wolf

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Ivory_Wolf

Detailed commentary/updates about trades (stocks, crypto & bonds) available:

ivorywolf.start.page/ (Facebook / Telegram / YouTube / personal web-page)

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