Long
AZS - Mid-term buying opportunity
Updated
ASX:AZS
Will enter ideally around $0.600, stop loss $0.476 (Entry - (ATR*2)) after MACD and OBV confirms bearish to bullish trend reversal with an ideal exit around $1.25+
- Bullish primary trend.
- Currently completing a retracement of ~50% from its previous high demonstrated by Fib retracement.
- Oncoming MACD intersection indicating a bearish to bullish reversal in buying momentum
Will enter ideally around $0.600, stop loss $0.476 (Entry - (ATR*2)) after MACD and OBV confirms bearish to bullish trend reversal with an ideal exit around $1.25+
Note
Cautiously optimistic.Main concerns are the magnitude of the previous highs retracement, ~75% down compared to the previous low at the start of November. Past the ideal range of 33% - 66%
OBV is still trending low just above October's high.
Will need to see noticeable evidence, OBV significantly up, before making an entry.
Note
Correction to original comment, 75% retracement not 50%.
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