XXL trade ideas
XXL - Good entry positionXXL - Thriving on lockdown.
-Recently the brokers changed sentiment from Keep - Buy.
-Had an 1 impulse wave that broke through 20.5 resistance.
-Testing 20.5 previous resistance, now support.
Targets: 1:1 wave 3. , 262% of wave 1.
RR 2.6.
Long.
Cheers
XXL - Good trading oppurtunity for a long position. Hi!!
Potenitial setup this week to swing long on XXL - intraday / 2-3 days swing.
-Trade with CARE
-Handle your SL below 78.6% fib - entry earlist at 50% retrace.
-Target 1:1 , 127% of last wave for swing.
-RR at least 3:1. Calculate your losses versus winnings before hand.
Keep an eye on this one!! whether it continues to 1.618 extension of wave 1 - or retraces and ready for a new move.
Enjoy,
XXLmight be touch resistance 30 in short term and it provides comfort risk/reward with enough volume, news and interest !
XXLQuarantine make people restless and soon they will need their outdoor recreation again. At the same time, XXL has gained monopoly power in Norway with Gresvigs bankruptcy.
XXL: Soon turn of trendBeaten to death, investors are throwing in towels one by one. The pain is soon ceasing.
XXL - Heaven or Hell - When To Buy and When to Sell - LONG soonAs you can see on the following chart OSL:XXL may soon finish an A,B,C,D,E correction from a blistering 110 FX_IDC:NOKEUR from A to E. In an A,B,C,D,E we often see the last leg E extended further than the first leg A. Even though XXL has been through a shit storm of bad news, new board members and massive sell offs, it does not take away the fact that this may be an A,B,C,D,E correction. In terms of when to buy I'd like to add that you should never try to catch a falling a knife. Having said that the risk/reward by looking at the pure TA aspect looks rewarding, soon.
Before this downtrend for OSL:XXL we had several large sports/outdoor shops (G-max, G-sport, Intersport, XXL). Due to falling consumer interest both G-max and G-sport has vanished giving OSL:XXL and Intersport the majority of the market for themselves.
As we can see OSL:XXL is moving inside a triangle or falling wedge. I'd says that the correct time to buy would be when we see the first breakout and it stays out (If that happens) I think the breakout will come a bit before the report on last Q for this year. Hopefully a lot of the Christmas gifts under the trees this year will be from XXL...
Having all this said we can see on the MACD that the signal line is struggling to find its way but we can see some bullish divergence on the RSI side.
I myself will monitor OSL:XXL closely the next weeks, watch for a breakout on the upside that stays out and probably start taking some long positions in December(ish) depending if this plays out or not.
Happy trading!
