Here’s a TradingView idea for your sideways trade setup with a potential breakout:
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**ACT FINANCIAL (EGX) – Sideways Trade with Breakout Potential**
📉 **Technical Analysis:**
The stock is currently trading within a sideways range, showing strong support and resistance levels. The price is bouncing between these levels, offering a short-term trading opportunity. However, the presence of a bullish divergence in the MACD suggests a possible breakout.
📌 **Trade Plan:**
- **Entry:** Near the lower boundary of the range, aiming for a small upward move.
- **Stop Loss:** Below the recent support zone.
- **Target Levels:**
1️⃣ **First Target:** Minor resistance within the range.
2️⃣ **Second Target:** Upper boundary of the sideways channel.
3️⃣ **Breakout Target:** If a breakout occurs, aiming for a new resistance level above the range.
📊 **Indicators & Confirmation:**
- MACD showing bullish divergence, signaling potential upside.
- Watching for volume increase as a breakout confirmation.
- Risk/Reward ratio looks favorable within the range.
🚀 **Final Thought:**
A range-bound trade with small targets offers a controlled risk setup. However, if the stock gains momentum and breaks out, it could lead to a strong bullish move. Keep an eye on key levels!
#Trading #StockMarket #TechnicalAnalysis #EGX
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not financial advice 🚀
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**ACT FINANCIAL (EGX) – Sideways Trade with Breakout Potential**
📉 **Technical Analysis:**
The stock is currently trading within a sideways range, showing strong support and resistance levels. The price is bouncing between these levels, offering a short-term trading opportunity. However, the presence of a bullish divergence in the MACD suggests a possible breakout.
📌 **Trade Plan:**
- **Entry:** Near the lower boundary of the range, aiming for a small upward move.
- **Stop Loss:** Below the recent support zone.
- **Target Levels:**
1️⃣ **First Target:** Minor resistance within the range.
2️⃣ **Second Target:** Upper boundary of the sideways channel.
3️⃣ **Breakout Target:** If a breakout occurs, aiming for a new resistance level above the range.
📊 **Indicators & Confirmation:**
- MACD showing bullish divergence, signaling potential upside.
- Watching for volume increase as a breakout confirmation.
- Risk/Reward ratio looks favorable within the range.
🚀 **Final Thought:**
A range-bound trade with small targets offers a controlled risk setup. However, if the stock gains momentum and breaks out, it could lead to a strong bullish move. Keep an eye on key levels!
#Trading #StockMarket #TechnicalAnalysis #EGX
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not financial advice 🚀
Trade closed: stop reached
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.