Potential outside week and bullish potential for OCC
Entry conditions:
(i) higher share price for
OCC above the level of the potential outside week noted on 23rd January (i.e.: above the level of $1.635).
Stop loss for the trade would be:
(i) below the low of the outside week on 20th January (i.e.: below $1.27), should the trade activate.
(i) higher share price for
OCC above the level of the potential outside week noted on 23rd January (i.e.: above the level of $1.635).Stop loss for the trade would be:
(i) below the low of the outside week on 20th January (i.e.: below $1.27), should the trade activate.
Trade active
UPDATE (week ending 07-Feb): Trade activated on Wednesday 5th February with moderate volume and market awareness, with decent respect of the upper range of the outside week noted in last week's comment on the Friday. Share price closed above the 10 and 30 day MA's at the end of the trading week.Note
UPDATE (week ending 14-Feb): Share price closed between the 10 and 30 day MA's at the end of the trading week, but holding above the potential support/resistance lines of $1.53 from 6th January and $1.495 from 10th January, which corresponds with the 30 day MA. The daily chart suggests observing how the market reacts to these levels, especially since the DMI/ADX and RSI have turned downwards.Note
UPDATE (week ending 21-Feb): Market reaction to potential support/resistance areas noted in last week's comment was poor, with short-term trend turning negative as the share price closed below the 10 and 30 day MA's at the end of the trading week. From a long-term hold perspective, the outside week pattern detected on 24th January remains intact but is now threatened by the short-term trend and immediate momentum shift. TradingView has an earnings event listed for approx 4th March to keep in mind for any trader who may be risk averse.
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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.
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!
...
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
Like/join/subscribe for the latest!
...
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.