Stock of the week: ASX:APT
The stock of the week is ASX:APT that has reached the new ATH. To some fundamentals are disconnected from the current price. Is it time to short or the stock has more juice to take to a new ATH? Lets deep dive and analyze.
The stock upside momentum is still in full swing and according to indicators i do not see any sign of the momentum slow down.
PSAR is still pointing in the bulls direction.
LSMA still pointing upwards.
Price above 50 and 200MA
The only concern is RSI which is a bit oversold but not extremely oversold. Also on the RSI we can see a bearish divergence but it is not highly marked.
Also the volume is diminishing as the price goes up not a good sign imho.
I do not see why shorting when indicators dont say so, it is better to wait for the trend line to be broken and probably psar flip as well before taking a short position.
Also I want to see what happens if ASX:APT hits the 1.618 fib, i expect a rejection at that level thought it may not happen.
I am not a buyer at this level I would rather wait for a consolidation and if a next leg up shows up I can jump on it.
For those with open position they can start setting up trailing orders as momentum direction change can happen at anytime considering the euphoria that pushed the stock from 8 to 60$ Can cause volatility when revision to the mean kicks in.
I will keep you posted if anything changes from my view point.
Stay safe and have profitable trades next week. Dont forget to smash the likes.
XTF
The stock upside momentum is still in full swing and according to indicators i do not see any sign of the momentum slow down.
PSAR is still pointing in the bulls direction.
LSMA still pointing upwards.
Price above 50 and 200MA
The only concern is RSI which is a bit oversold but not extremely oversold. Also on the RSI we can see a bearish divergence but it is not highly marked.
Also the volume is diminishing as the price goes up not a good sign imho.
I do not see why shorting when indicators dont say so, it is better to wait for the trend line to be broken and probably psar flip as well before taking a short position.
Also I want to see what happens if ASX:APT hits the 1.618 fib, i expect a rejection at that level thought it may not happen.
I am not a buyer at this level I would rather wait for a consolidation and if a next leg up shows up I can jump on it.
For those with open position they can start setting up trailing orders as momentum direction change can happen at anytime considering the euphoria that pushed the stock from 8 to 60$ Can cause volatility when revision to the mean kicks in.
I will keep you posted if anything changes from my view point.
Stay safe and have profitable trades next week. Dont forget to smash the likes.
XTF
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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.