Short-Term 1 Hour Trade Idea.
Updated
Massmart is currently trading in an Overbought Area of the RSI.
I would look to enter a very short-term trade on the share, but keep an eye on it.
Hold while the RSI is pointing upward, but close any profitable position if the RSI begins to fall.
Wait for the Aroon Down Indicator to turn downward to confirm an entry.
The premise of the trade idea is based on a mean reversion to the 55 Period EMA. It's there I would look to exit the trade. (Take profit).
If entering the position, I would recommend placing a Stop Loss according to your own personal Risk Tolerance preference.
*As an additional side-note to this trade idea, the Daily chart indicates that prices are currently trading at around the 55 Price EMA, which hopefully could invoke a "Buy-the-Dip" sentiment.
I would look to enter a very short-term trade on the share, but keep an eye on it.
Hold while the RSI is pointing upward, but close any profitable position if the RSI begins to fall.
Wait for the Aroon Down Indicator to turn downward to confirm an entry.
The premise of the trade idea is based on a mean reversion to the 55 Period EMA. It's there I would look to exit the trade. (Take profit).
If entering the position, I would recommend placing a Stop Loss according to your own personal Risk Tolerance preference.
*As an additional side-note to this trade idea, the Daily chart indicates that prices are currently trading at around the 55 Price EMA, which hopefully could invoke a "Buy-the-Dip" sentiment.
Note
My sincere apologies, My intention was to say that Massmart is currently trading in an Oversold Area.
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