Trading Strategy For Jiutian Chemical
Technical Analysis
1. Trend Analysis
overall Downtrend
2. Indicator Analysis
SMA 5, 10 on daily is too far away from trending, will result in possible retracement (bearish until retracement)
William %R shows its very overbought.
Volume-> sudden surge in volume could result in great pump and dump
3. Trendline Analysis
Broke above (Teal ) trendline ( Bullish)
Resistance at (green) Trendline ( Neutral)
4. False breakout possibility
An indicator would be in the red circular circle @ Mid nov 2017 would be a rough gauge and projected forward for additional allowance of false breakout .. key level would be at 0.070 ~ 0.071
5. Candlestick analysis (weekly)
Three white(green) soldiers indicating good strength and momentum therefore weekly closing would be very important to see if a break is possible
Trading Plan
I would be expecting Jiutian to fall back for retracement at the teal trendline which also happen to be 0.382 FIB @ 0.029 Pricing then forming a greater upward to test the key level of resistance 0.070-0.071
Entry: 0.029 for re-test of teal trendline
SL: 0.016 pre-breakout level
TP: Start trailing your TP towards 0.070- 0.071
It may hit and have a strong selling
1. Trend Analysis
overall Downtrend
2. Indicator Analysis
SMA 5, 10 on daily is too far away from trending, will result in possible retracement (bearish until retracement)
William %R shows its very overbought.
Volume-> sudden surge in volume could result in great pump and dump
3. Trendline Analysis
Broke above (Teal ) trendline ( Bullish)
Resistance at (green) Trendline ( Neutral)
4. False breakout possibility
An indicator would be in the red circular circle @ Mid nov 2017 would be a rough gauge and projected forward for additional allowance of false breakout .. key level would be at 0.070 ~ 0.071
5. Candlestick analysis (weekly)
Three white(green) soldiers indicating good strength and momentum therefore weekly closing would be very important to see if a break is possible
Trading Plan
I would be expecting Jiutian to fall back for retracement at the teal trendline which also happen to be 0.382 FIB @ 0.029 Pricing then forming a greater upward to test the key level of resistance 0.070-0.071
Entry: 0.029 for re-test of teal trendline
SL: 0.016 pre-breakout level
TP: Start trailing your TP towards 0.070- 0.071
It may hit and have a strong selling
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