Bullish potential detected for SSM

Entry conditions:
(i) higher share price for along with swing up of indicators such as DMI/RSI.

Stop loss for the trade would be:
(i) below the support level from the open of 13th March (i.e.: below $1.725), or
(ii) below the support level from the open of 26th February (i.e.: below $1.67), or
(ii) below the support level from the open of 7th April (i.e.: below $1.645), depending on risk tolerance.

Trade active

UPDATE (week ending 24-Apr): Trade detected during scans in week ending 17th April, with further opportunity still available to enter the trade on the next trading day (22nd April) at a reasonable trade entry price, with good trading volume, declining bearishness on the DMI/ADX indicator and increasing RSI. Be mindful of potential resistance at the $1.82 level from the open of 6th March, with a potentially interesting week of price action ahead.

Note

UPDATE (week ending 02-May): Share price consolidating above a prior resistance area of $1.805 from the open of 4th March (which hasn't been tested from the upside as yet). Depending on risk tolerance, traders could consider placing a profitable stop slightly beneath this area, but caution should be raised that since this area hasn't been tested that this could be passed through easily upon the first pass (a lower stop at breakeven may provide more 'wiggle room' to remain in the trade, depending on the trader's intention).

Note

UPDATE (week ending 09-May): A successful test of the prior resistance area noted last week saw the share price for SSM rise to higher highs, with the charts suggesting raising profitable stops. Since the share price formed a 200 day high, a retrospective Darvas box formation was able to be fitted to the daily chart, with suggestion to raise stop to $1.835 ($0.03 above one tick beneath Darvas box formation - 30th April / 1st May), which aligns well to the prior resistance (now support) noted last week. Trade now considered a 'further bullish potential' trade.

Note

UPDATE (week ending 16-May): New highs formed during the trading week, with daily chart providing the suggestion to raise stop to $1.855 ($0.05 above one tick beneath Darvas box formation - 30th April / 1st May).

3 days ago

Note

UPDATE (week ending 23-May): No further highs formed during the trading week, so no raising of the stop this week in accordance with the Darvas box formation technique. The share price closed above both 10 and 30 day MA's at the end of the trading week.

Ivory_Wolf

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Ivory_Wolf

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