Bearish potential detected for WPR
Entry conditions:
(i) lower share price for
WPR along with swing up of the DMI indicators and swing down of the RSI indicator, and
(ii) observation of market reaction at the support level at $2.34.
Stop loss for the trade would be:
(i) above the resistance level from the open of 12th December (i.e.: above $2.42), or
(ii) above the resistance level from the open of 27th December (i.e.: above $2.47), depending on risk tolerance.
(i) lower share price for
WPR along with swing up of the DMI indicators and swing down of the RSI indicator, and(ii) observation of market reaction at the support level at $2.34.
Stop loss for the trade would be:
(i) above the resistance level from the open of 12th December (i.e.: above $2.42), or
(ii) above the resistance level from the open of 27th December (i.e.: above $2.47), depending on risk tolerance.
Trade active
UPDATE (week ending 17-Jan): Trade activated 13th January, however it appears that the trade may have been reversing against the short position throughout the remainder of the week. Original risk management allowed 'wiggle room' to an area above $2.47 as the ultimate stop loss zone, so let's see how this goes (the two red candles on Thursday and Friday may be showing some selling pressure towards the end of the week which could reinforce the short position once again).Note
UPDATE (week ending 24-Jan): Share price appears to be stubbornly stuck in 'range bound' territory at present - observe market reaction to support level at $2.34 once again whilst maintaining ultimate stop loss zone above $2.47 as discussed in last week's note.Note
UPDATE (week ending 31-Jan): Share price remains stubbornly stuck in 'range bound' territory at present with another test of the $2.34 level occurring on the Monday of this past week. Ultimate stop loss zone above $2.47 currently remains in effect.Trade closed manually
UPDATE (week ending 07-Feb): Are we bored yet? Another uneventful week of share price action here for WPR, completely stuck in a range as the share price reaches lower highs and higher lows on the daily chart. Completely indecisive. A triangle can be drawn on the daily chart - feel free to watch for a breakout, which can occur in either direction - the chart suggests a breakout, if not willing to wait for one wait or the other, feel free to close out the position. Coverage ceased.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Detailed commentary/updates about trades (stocks, crypto & bonds) available:
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
Like/join/subscribe for the latest!
...
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw (scan results timestamped in comments)
t.me/ASXTradersUnited
Like/join/subscribe for the latest!
...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.