Last test of support on Outokumpu
Updated
I have been working on the theory of the current price action being a smaller fractal of the last bull run from ATL 0.88% .
A pitchfork can confirm the channel play occuring and a slight bullish divergence can give indication on a rally soon.
Three tests of RSI support and vertical support from a major pitchfork . The volume is down almost 70 %. It's not going to stay like this for long.
Buy levels have been around 5€ and I think a 30-40% gain is plausible. This major pitchfork followed by a rally is an exciting idea that could take us even further. Unfortunately the company has been surrounded by some bad news and the sentiment is bearish . The banks give Outokumpu a low security value.
A safer buy is at a confirmation above the red line. I'm overall short-term speculating on this. The OMXH index does not look very promising right now so it will be a tough climb.
A pitchfork can confirm the channel play occuring and a slight bullish divergence can give indication on a rally soon.
Three tests of RSI support and vertical support from a major pitchfork . The volume is down almost 70 %. It's not going to stay like this for long.
Buy levels have been around 5€ and I think a 30-40% gain is plausible. This major pitchfork followed by a rally is an exciting idea that could take us even further. Unfortunately the company has been surrounded by some bad news and the sentiment is bearish . The banks give Outokumpu a low security value.
A safer buy is at a confirmation above the red line. I'm overall short-term speculating on this. The OMXH index does not look very promising right now so it will be a tough climb.
Note
Nice bounce. Looking for confirmation of trend break after 5,55€Note
Keeping 6.05 confirmation as safe buy in, right now correcting on top of resistance for next leg. Target 6.04 - 6.14€Trade active
So the last trade was a short one and the major confirmation never came. As we now are below 5€ I see a good resemblance to the fractal in yellow. I'm scaling in buys for long term.
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