S32 - Next Pullback may give a Buying Opportunity
Updated
Bullish Confirmation Indications
Recent price action has confirmed a reversal by pumping upwards and forming a higher high.
1. Price has formed a higher high
2. It has formed a Golden Cross
3. Recent consolidation at Resistance indicates that the stock price is facing a hard time continuing up
4. The price is at 78.6% Fib Retracement level of $2.45 and @2.60 range, which is also a Resistance Zone
5. OBV suggesting Bullish Volume may be fading
6. I will be confident to buy in the $2.20 - $2.35 region (Buy Zone).
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
Recent price action has confirmed a reversal by pumping upwards and forming a higher high.
1. Price has formed a higher high
2. It has formed a Golden Cross
3. Recent consolidation at Resistance indicates that the stock price is facing a hard time continuing up
4. The price is at 78.6% Fib Retracement level of $2.45 and @2.60 range, which is also a Resistance Zone
5. OBV suggesting Bullish Volume may be fading
6. I will be confident to buy in the $2.20 - $2.35 region (Buy Zone).
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
Note
Note
Price failed to retrace lower and instead continued higher but is now hit the upper end of the channel, which makes me think that it should be ready for a pull back. The green box is the Fib retracement level of 50% - 61.8% of the rally it started from the 2nd of November. I believe that it has higher chances to retrace lower instead of continuing higher and pull back to the Buy Zone range of $2.30 - $2.50, where I would be interested to buy.
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