Long
Very good food trading strategy
Great business and stock for the long term. There are two strategies I am playing here. But first, a little analysis:
1) Company is hitting its high of 1.92 for the third time in 4 months. Each time it went back to the bottom of the trading channel to continue trading side ways.
2) the last time and This time (Oct 13th) there was strong price rejection at 1.93 displayed by the candles. (shows that price not likely to penetrate 1.93)
3) volume was high today, market conditions are mixed and more bullish for this sector on the TSX.
What I DO NOT want to do is but at 1.93 and watch the share fall back down in its sideway trading and hold the bag for a bit.
I want to either buy the breakout on a swing trade OR wait for it to touch the bottom of the range and buy at a good price to enter.
1) Company is hitting its high of 1.92 for the third time in 4 months. Each time it went back to the bottom of the trading channel to continue trading side ways.
2) the last time and This time (Oct 13th) there was strong price rejection at 1.93 displayed by the candles. (shows that price not likely to penetrate 1.93)
3) volume was high today, market conditions are mixed and more bullish for this sector on the TSX.
What I DO NOT want to do is but at 1.93 and watch the share fall back down in its sideway trading and hold the bag for a bit.
I want to either buy the breakout on a swing trade OR wait for it to touch the bottom of the range and buy at a good price to enter.
Note
I purchased the break out on a swing basis450 shares at 2.09 Avg price. I wana see if I can ride out a day or two on this swing trade. It broke out with nice volume.
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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.