SYD - Waiting for an ultimate Buying Opportunity

Sydney Airport - SYD had been hit really hard during the pandemic, and recently the price rocketed from the lows and have made a higher high, confirming that it has made a bottom. The recent price action suggests that it is having a hard time to continue to the upside because of the resistance which it has hit and formed a big rejection candle as a result, and no bullish follow through. It seems that it is going to roll over.

1. It has printed a higher high
2. It has made a Golden Cross
3. Current price action indicates it is finding resistance between $6.95 and $6.55 , and may give a retracement.
4. The price is unable to close above $6.95, (its previous Resistance level), and forming red candles and bearish closing,
which indicates Selling pressure.
5. I believe it's going to give a good buying opportunity at $6.00 - $6.30 range.

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

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Price consolidating. Expecting to pull back.

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Daily Bearish Candle formed. Expecting it to pull back.

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Price coming down as expected.

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Price pulling back as expected.

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Price is coming down and expected to come down into the Buy Zone (between $5.90 - $6.25), waiting for a potential Buy Setup, and Bullish Price Action to take a buy position.

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Price is coming down and expected to come down into the Buy Zone (between $5.90 - $6.25), waiting for a potential Buy Setup, and Bullish Price Action to take a buy position.

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Price has come down into the Buy Zone, but now the question is whether it will move up from here or go down further to $5.80 level where the trendline support lies. It has closed the Gap , so we have to see what happens next. We are very close to Support now.

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We can see that SYD has been retracing since quite a while now, I think now we are very close to Support and RSI is in Oversold territory. Lets see how SYD behaves in the coming days. Watching Closely!!

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SYD has pulled back deeply, I think now we are very close to Support and RSI is in the Oversold territory. Lets see how SYD behaves in the coming days. Watching Closely!!

AsimMirzaTrader

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AsimMirzaTrader

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