On the weekly chart we notice the shaded blue zone was a strong support zone for the 30 September and 7 October candles. Price then made an impulsive move down from 11 November and this pierced (breakout) right through that support zone. Such a move especially after 3 strong weekly candles usually leads to a retest of the breakout zone. That Is our trade for this stock. We target the blue zone. The risk reward is not particularly attractive so we reduce the position size to compensate for that drawback.
Entry: 1 small position @ 11450
SL: 11068 ( just below the swing low)
TP: 11870-11845 (blue zone)
NB:Always manage your risk appropriately.
Entry: 1 small position @ 11450
SL: 11068 ( just below the swing low)
TP: 11870-11845 (blue zone)
NB:Always manage your risk appropriately.
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.