At a resistance turned into a support level, the stock formed a bullish engulfing candlestick. This is an indication that buyers are ready to push the price higher.
You can buy at the current market price. The stop can be at N3.34 (-15.66%) below the support level. The targets are N4.65 (17.42%), N5.45 (37.37%) and N6.45 (62.88%)
N4.65 is the actual target based on the external liquidity expected be taken out as buyers are more likely to aim for a new higher price. Other targets are based on Fibonacci levels, which may or may not to be met anytime soon.
Confluences for the long idea:
1. Bullish market structure
2. Resistance turned into support level
3. Bullish engulfing candlestick confirmation
4. Rejections at the key level.
Disclaimer: This is not a financial advice. The outcome maybe different from the projection. Don't take the signal if you're not willing to accept the risk.
You can buy at the current market price. The stop can be at N3.34 (-15.66%) below the support level. The targets are N4.65 (17.42%), N5.45 (37.37%) and N6.45 (62.88%)
N4.65 is the actual target based on the external liquidity expected be taken out as buyers are more likely to aim for a new higher price. Other targets are based on Fibonacci levels, which may or may not to be met anytime soon.
Confluences for the long idea:
1. Bullish market structure
2. Resistance turned into support level
3. Bullish engulfing candlestick confirmation
4. Rejections at the key level.
Disclaimer: This is not a financial advice. The outcome maybe different from the projection. Don't take the signal if you're not willing to accept the risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.