Entry conditions:
(i) higher share price for
TLC along with swing up of the DMI indicators and swing up of the RSI indicator, and
(ii) observation of market reaction at the support/resistance level at $5.31 (from the open of 12th May).
Stop loss for the trade would be, dependent of risk tolerance (once the trade is activated):
(i) below the support level from the open of 21st November (i.e.: below $5.05), or
(ii) below the recent swing low of 3rd June (i.e.: below $4.96).
(i) higher share price for
TLC along with swing up of the DMI indicators and swing up of the RSI indicator, and(ii) observation of market reaction at the support/resistance level at $5.31 (from the open of 12th May).
Stop loss for the trade would be, dependent of risk tolerance (once the trade is activated):
(i) below the support level from the open of 21st November (i.e.: below $5.05), or
(ii) below the recent swing low of 3rd June (i.e.: below $4.96).
Note
UPDATE (week ending 27-Jun): Close, but no cigar! A couple of attempts throughout the week to break above the support/resistance level at $5.31, but not enough to trigger the indicators as suggested in the entry conditions - wait and observe...Trade active
UPDATE (week ending 04-Jul): Trade activated on 30th June with improved DMI/ADX and RSI along with a breach of the prior support/resistance area of $5.31 established from the open of 12th May. Price action was decent during the week until the Friday (4th July), however even that price action 'dip' bounced off the established short-term support of $5.16 from the open of 17th June. Caution is still warranted, however, since the share price closed below both 10 and 30 day MA's at the end of the trading week. Charts suggest utilising the more conservative stop loss suggested in the entry conditions considering the end of week price action.
Detailed commentary/updates about trades (stocks, crypto & bonds) available:
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youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
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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.
Detailed commentary/updates about trades (stocks, crypto & bonds) available:
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
Like/join/subscribe for the latest!
...
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
Like/join/subscribe for the latest!
...
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.