COL - 4 months CUP & HANDLE══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the opportunities I spot and often I don't post a good pattern because I don't have the opportunity to write down a proper didactical comment;
- since my parameters to identify a Classical Pattern and its scenario are very well defined, many of my comments were and would be redundant;
- the information that I think is important is very simple and can easily be understood just by looking at charts;
For these reasons and hoping to give you a better help, I decided to write comments only when something very specific or interesting shows up, otherwise all the information is shown on the chart.
Thank you all for your support
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
Breakout Area, Target, Levels, each line drawn on this chart and any other content represent just The Art Of Charting’s personal opinion and it is posted purely for educational purposes. Therefore it must not be taken as a direct or indirect investing recommendations or advices. Entry Point, Initial Stop Loss and Targets depend on your personal and unique Trading Plan Tactics and Money Management rules, Any action taken upon these information is at your own risk.
═════════════════════════════
COL trade ideas
ASX - COL: 23 APR, 2024© Master of Elliott wave Analysis: Hua (Shane) Cuong, CEWA-M.
(1D Chart): Details: Short-term outlook shows that wave ((y))-green is ongoing as a Zigzag and wave (a)-purple has ended. Therefore, the (b)-purple wave is expected to have ended, and may be ready to push even higher. Pushing higher than 16.5 will be the first step to renew this outlook.
Invalidation point: 15.37
AnalysisSince February 01, 2023 we have the breakout of the vwap indicator with strength by a large green candle and accompanied by a large green volume, it is indeed an impulse candle or an uptrend. We also see on the graph that the market came to make a spring effect on the vwap thus reflecting a strong probability of continuity of the upward trend of course with the break of the resistance line. Besides, we could also have a bearish trend if and only if we have the breakout of the vwap indicator as well as the support line with strength. Thanks!
Analysis: two situations: Bullish ChannelAs you see on the chart we will have a big probability of an uptrend if we have the breakout with force the resistance line. In other hand, we will have a big probability of a downtrend if we have the breakout with force the support line and the vwap indicator.Thank!
ASX will define where COL goesits all politiical economics is thrown out the window these days. daily chart defines congestion in price moves.. basically its been going no where from 2 years now. the next move will be much higher or much lower.
Central bankers are now trying how to fudge markets higher while statistical agencies like ABS try to fudge inflation numbers lower to hide the fact that real incomes are now fugged.
we have till about may 2022 to find out which way the price moves for COL. most of the ASX50 will move in the same direction.
we live in a 2+2=5 world.
Has Coles entered a downtrend? Certainty vs economic uncertaintyFundamentally, Coles being one of the largest supermarket chains in Australia gives it long term potential to continue growing over the years. However, from a technical analysis standpoint it has been in a solid uptrend for some time and is likely due for a correction. There is also a lot of economic uncertainty at this time which could trigger an overall market sell off within the next few weeks/months.
$COL:ASX - COLES GROUP - Running nicely. Up 30% YTD.Coles has been having a nice steady run since its listing / spin off last year. I was thinking it could make a reasonably good defensive stock to hold throughout any downturns but they did suffer a dip in August in line with the rest of the market. With more and more news about Coles expanding their online presence they could continue their upward march for a while. Could be one to watch for the more conservative portfolios out there.
Current demand: 492 buyers for 390,045 units vs 256 sellers for 142,679 units
Coles Group Limited is an Australia-based company that operates predominantly in the retail industry. The Company sells various products, including fresh food, groceries, household goods, liquor, fuel and financial services through its store network and online platforms. The Company operates through three divisions: Coles Supermarkets, Coles Liquor and Coles Convenience. Coles Supermarkets comprises the Coles supermarkets store network, the Coles Online supermarket offering and Coles Financial Services. Coles Liquor operates a range of liquor retailing formats encompassing three brands, such as Liquorland, First Choice Liquor and Vintage Cellars, as well as an online liquor retailing business. Coles Convenience segment sells shell fuels and a range of products, such as groceries, snacks, drinks, gas bottles, firewood, and Shell oils and lubricants. Coles Liquor also operates a network of 88 hotels under the Spirit Hotels brand, predominantly located in Queensland.