Quilter Seeking a Weekly/Yearly Low
Updated
Quilter is moving into a long weekly cycle, currently in week 42. Price is also seeking a yearly low, the last was the COVID low and we are well below that level. Ideally we want price to go below the previous weekly low (R16.61), this gives a good runway to the upside. The dashed pink line is where we will have confirmation of a weekly low by closing above this line on a weekly basis. The dashed green line is we will get a confirmation of a yearly low by closing above this line on a yearly chart.
The blue line is the daily cycle line, closing above this on a daily chart with a swing low means we have left behind a cycle low. Of interest is the intersection of support formed by previous weekly low horizontal blue and a median line of the Pitchfork, double support usually provide turning points. Higher risk entry would be a close above blue daily cycle line.
The blue line is the daily cycle line, closing above this on a daily chart with a swing low means we have left behind a cycle low. Of interest is the intersection of support formed by previous weekly low horizontal blue and a median line of the Pitchfork, double support usually provide turning points. Higher risk entry would be a close above blue daily cycle line.
Note
Excellent of Quilter moving per expectation, we are now above the weekly low confirmation price & can expect to close above this line. By not going lower than R16.61 it means that becomes a yearly low price and must now look forward to price aiming for the green dotted line.Note
Quilter is reaching a weekly high price, a good place to take some profit perhaps 60% of the position to be deployed again when uptrend resumes. We still have not reached the yearly low confirmation.Note
Quilter has met the full target, wise to take all profit at this point and look at deploying elsewhere, for those who want full confirmation this can be done at weekly swing high.Trade closed: target reached
Quilter has reached full target and has set a weekly swing high. A good return of 40-50% from entry.
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