Long

Updated

Uptrend Confirmed - Next Buying Oppurtunity

Bullish trend confirmation indications:

1. Downtrend line broken.
2. Impulsive price action at the break of the trendline.
3. After the impulsive break, price is correcting the move slowly and in a choppy fashion.
4. Price has retraced to the 78.6 Fibonacci Retracement level.
5. Good Buying Opportunity if it closes positive or prints a Bullish candlestick pattern in the Buy Zone.

Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.

Note

Price has closed in green, but I want to see Monday's price action. If it gives a higher closing then today's closing price of 5.05, then I would like to buy. Will update accordingly.

Trade active

Support held and price closed positive and higher then Friday's close. Trade Active.

Note

Today was a green day and I expect to continue to the upside.

Note

Expecting price to resume to the upside.

Note

Price getting weak again, but i am expecting a turn around soon.

Trade closed: stop reached

Note

Trade active

The Monthly Critical Support Level has held and Price has reversed and turned around showing Bullish Price Action on the Daily Timeframe, which is a Bullish sign. I am still aiming for a 30% gain (Target $6.54) on this position as it is the level from where price slipped after heavy consolidation, and this is strong Resistance. The same Resistance Zone is also a High Volume Profile Zone.

Note

Price has formed a Double Bottom. We can see a Higher Low on the OBV while Price making a Double Bottom. (Forming a Huge Divergent Low)

Higher Low on the MACD while Price making a Double Bottom. MACD about to cross which means Bearish Momentum is losing steam and Bulls may take over and pump price higher. (Forming a Huge Divergent Low)

Note

Its hard to say what SM1 does next as it is sitting on very critical Support now. We can see that price has been forming a Double Bottom. We can see a Higher Low on the OBV while Price making a Double Bottom, in other words OBV indicates that the Bearish Volume is not supporting lower prices.

We can also see a Higher Low on the MACD while Price making a Double Bottom.

If price breaks support, we may a move lower but I think it could be short lived.

Note

SM1 is still hovering on Critical Support zone of $4.30 - $4.50. The good thing is that the MACD Histogram is curling up, indicating decrease in Bearish Momentum. We can also see RSI coming out of Oversold Zone, indicating that we may see Buyers defend this Support Zone and take price higher.

Note

SM1 is still consolidating on Critical Monthly Support zone of $4.30 - $4.50. Still expecting it to bounce.

Note

SM1 is still hovering on its Critical Monthly Support zone of $4.30 - $4.50. Still expecting it to bounce. Lets see how it behaves in the coming sessions.

AsimMirzaTrader

Also on:

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.

AsimMirzaTrader

Also on: