Possible Long Opportunity for SCI
Following is just my thought process. This is in no ways a recommendation. I just want to share and learn!
Kindly Trade at your own risk
Following Reasons for bullish view
1.) Price taking support at Weekly Trendline
2.) Price taking support at weekly HORIZONTAL support zones (Support zone can be found on zooming out the chart to Feb & Nov 16 time frame)
3.) Reducing Bearish momentum noticed by reducing range of the RED candles eventually ending in a long legged doji, possibly indicating exhaustion of sellers
Stop loss = 52.5
Target 1 = At-least 66
Would like to ride the trend by trailing stoploss
Kindly Trade at your own risk
Following Reasons for bullish view
1.) Price taking support at Weekly Trendline
2.) Price taking support at weekly HORIZONTAL support zones (Support zone can be found on zooming out the chart to Feb & Nov 16 time frame)
3.) Reducing Bearish momentum noticed by reducing range of the RED candles eventually ending in a long legged doji, possibly indicating exhaustion of sellers
Stop loss = 52.5
Target 1 = At-least 66
Would like to ride the trend by trailing stoploss
Note
Stop Loss hit
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.