Long
AZS - Mid-term buying opportunity
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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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.