UPDATE ACL Profit target reached at R2.22Since the price broke abbove the W Formation and the Price went above above 20 and 200
THe momentum and buying just took off at an alarming rate.
So within ONE week, the price shot up to R2.21 which was even a surprise to me with the speed of the analysis.
So what now?
Now, it's in a dangerous area. The trend is so steep it can come down just as fast.
If the buyers have conviction they will drive the price sideways first before the next buy up.
But we'l have to give it some time before we decide.
ACL
Arcelormittal investment short to 20 cents continuesInv Cup and Handle formed on July 2021...
The price broke below and since then it's been on a downward trajectory with a solid downtrend.
Now the price is currently testing the downtrend, which can go either way.
If it breaks up, we will see short term upside to 3.00.
If it turns and continues down from here the investment short analysis will continue to it's trepid target of 20 cents.
It's a wait and see play.
ACL.N0000Buy Zone - 65 to 71
Disclaimer: The information and analysis provided in this publication are for educational purposes only and should not be construed as financial advice or recommendations to buy, sell, or hold any securities. The author and TradingView are not responsible for any investment decisions made based on the content presented herein. Always consult a financial professional before making any investment decisions.
ACL.ASX_Range Breakout_LongENTRY: 4.63
SL: 4.25
TP: 5.53
- ADX>20
- RSI<50,RSI<70
- Daily RS N/A
- Daily FFI +ve
- Daily MACD +ve
- Weekly RS N/A
- Weekly FFI +ve
- Weekly MACD N/A
- Breakout of range on 26 Aug 2021 with high volume.
- Retraced with lower volume until 3 Sep 2021 showing possible buyers coming in.
- Breakout of range with high volume today. Would like for it to close above 4.63.
ACL LongWill allocate in the coming days if
- price stays above fib level (red-line closest to current price)
- for thesis to stand, price must not break pink trend-line (call it a 'mental trend-line' if you will)
- Volume profile suggests, if price can remain above shaded yellow zone, we could see a rise to 490