Bullish potential detected for LRK

Entry conditions:
(i) higher share price for along with swing up of indicators such as DMI/RSI.

Stop loss for the trade would be:
(i) below the support level from the open of 5th December (i.e.: below $0.985), or
(ii) below the support level from the open of 27th September (i.e.: below $0.96), depending on risk tolerance.

Trade active

UPDATE (week ending 27-Dec): Trade activated 27th December with share price closing above both 10 and 30 day MA's at the end of the trading week, albeit on low trading volume.

Note

UPDATE (week ending 03-Jan): Share price closed above 10 and 30 day MA's at the end of the trading week, even with volume on the low side overall (although volume was higher than the previous week for this particular stock). An outside week has formed for this stock, which aligns well with former volume profile areas at $1.06 and $1.07 - observe market reaction at these levels should the share price return to these areas.

Note

UPDATE (week ending 10-Jan): Share price closed above 10 and 30 day MA's at the end of the trading week, with share price bouncing off volume profile area of $1.105 (coinciding with the 30 day MA) a couple of times during the week, indicating continuing strength and interest in the stock at the present time, albeit with low volume overall. Appears as though this is now the new mark of support from this point forwards to observe with respect to market reaction.

Note

UPDATE (week ending 17-Jan): Share price closed above 10 and 30 day MA's at the end of the trading week once again, with share price bouncing off volume profile areas of $1.06/$1.07/$1.105 (coinciding with the 30 day MA at $1.10) on Wednesday, indicating continuing strength and interest in the stock at the present time, albeit with low volume overall. Appears as though this remains the mark of support from this point forwards to observe with respect to market reaction.

Note

UPDATE (week ending 24-Jan): Caution expressed in the charts with the share price closing beneath the 10 and 30 day MA's at the end of the trading week, with a decisive close beneath both MA's (and test of those MA's) on Thursday of this week accompanied with a clear close beneath the volume profile areas mentioned last week ($1.06/$1.07/$1.105). Failure of this area could see the share price re-test areas seen previously at the beginning of December (i.e.: volume profile areas of $0.98/$1.00), should such risk be appropriate for the trader/investor.

Note

UPDATE (week ending 31-Jan): Share price continues to flip-flop in a range between at present time looking for direction, now closing between the 10 and 30 day MA's at the end of this trading week with moderate to low volume traded throughout the week. Respect of the $1.14/$1.145 volume profile areas to the downside doesn't inspire much confidence at this point in time. Should another failure of the $1.105 volume profile area occur alongside further failure of the 10 and 30 day MA's, then it may be time to really give this a miss for a while until further signals turn up.

Trade closed: stop reached

UPDATE (week ending 07-Feb): Another uneventful week of share price action for LRK this week, however it is interesting to note that there was another failure of the $1.105 volume profile area that occurred. As mentioned last week, perhaps it may be worthwhile now to give this a miss for a while until further signals turn up in the future. Coverage ceased.

Ivory_Wolf

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!
...

Also on:

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.

Ivory_Wolf

Also on: