Potential outside week and bullish potential for RMS
Updated
Entry conditions:
(i) higher share price for
RMS above the level of the potential outside week noted on 30th August (adjusted with the incidence of the inside week the following week, allowing activation of the trade above the level of the range for that week, i.e.: above the level of $2.20, as depicted by the blue dotted line and accompanying text on the chart).
Stop loss for the trade would be:
(i) below the swing low of 27th August (i.e.: below $2.02), should the trade activate.
(i) higher share price for
RMS above the level of the potential outside week noted on 30th August (adjusted with the incidence of the inside week the following week, allowing activation of the trade above the level of the range for that week, i.e.: above the level of $2.20, as depicted by the blue dotted line and accompanying text on the chart).Stop loss for the trade would be:
(i) below the swing low of 27th August (i.e.: below $2.02), should the trade activate.
Trade active
UPDATE (week ending 13-Sep): Trade activated on 13th September depending on risk tolerance and opportunity to enter the trade at certain share price (since the share price gapped up with spot gold reaching all time highs). For those astute and able to enter at reasonable price towards the planned entry price during the day, this was reasonable - shall keep tracking for these purposes.Trade active
UPDATE (week ending 20-Sep): A fairly flat week for the stock this week, with the share price trading essentially 'sideways', however it was important to note that the stock closed beneath the support/resistance line of $2.20 from 2nd September, so important to judge the market reaction at this point. Otherwise, the share price closed above both 10 and 30 day MA's at the end of the trading week.Trade active
UPDATE (week ending 27-Sep): Share price closed above 10 and 30 day MA's at the end of the trading week - observe market reaction to the potential resistance point of $2.28 from the open of 16th September (and keep an eye on the spot gold price too).Trade active
UPDATE (week ending 04-Oct): Caution with a close below 10 and 30 day MA's, testing support level of $2.13 from the open of 19th August (and keep an eye on the spot gold price too).Trade active
UPDATE (week ending 11-Oct): Share price now trading back above 10 and 30 day MA's at the end of trading week. Support level of $2.13 from open of 19th August confirmed.Trade active
UPDATE (week ending 18-Oct): Share price continues to track above 10 and 30 day MA's at end of trading week. Charts suggest raising stop loss to $2.28 to align with support/resistance level from open of 16th September (move to further bullish potential list).Trade active
UPDATE (week ending 25-Oct): Share price closed above 10 and 30 day MA's at the end of the trading week, whilst also respecting the recent higher low and suggested stop loss noted in last week's comment. Should higher highs be made here, charts would suggest considering raising stops to beneath these higher lows (i.e.: beneath $2.34).Trade active
UPDATE (week ending 01-Nov): Share price closed between 10 and 30 day MA's at the end of the trading week, having tested the proposed profitable stop loss area during the week that was noted in last week's comment. Depending on personal risk tolerance for those in the trade, observe market reaction for any further tests of this stop loss area, as well as the new potential resistance that has formed from the open of 18th October ($2.41).Trade closed: stop reached
UPDATE (week ending 08-Nov): Profitable stop loss activated 6th November.
Detailed commentary about these trades available here (Stocks and bonds - scan results timestamped in comments; Crypto discussed too):
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw
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youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw
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