STZ Long
Updated
STZ has been in a long term accumulation structure perfectly respecting key levels and supports.
Recently it has put in a few lower highs and it looks like the trend is changing. However, until it breaks down and takes out the last low, we are inclined to remain bullish. We are looking to go long on Monday, after open making sure we do not have a consecutive steep red candle.
Reasons for long:
- Bullish Divergence
- Ascending right angle triangle formation still valid. The stoploss is strategised so that it would imply a breakdown of the formation.
- Trend is bullish until low is taken out.
- 200 MA held on 1D tf and respected as support on the last low on the 2D tf.
We are at a point of minimal potential losses and maximum gains. Lets see what Monday has to offer but we will likely enter this trade.
Recently it has put in a few lower highs and it looks like the trend is changing. However, until it breaks down and takes out the last low, we are inclined to remain bullish. We are looking to go long on Monday, after open making sure we do not have a consecutive steep red candle.
Reasons for long:
- Bullish Divergence
- Ascending right angle triangle formation still valid. The stoploss is strategised so that it would imply a breakdown of the formation.
- Trend is bullish until low is taken out.
- 200 MA held on 1D tf and respected as support on the last low on the 2D tf.
We are at a point of minimal potential losses and maximum gains. Lets see what Monday has to offer but we will likely enter this trade.
Note
We got the perfect entry. Well done to everyone that joined in. Minimum potential losses maximum potential gains
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