29 Metals - Short termCurrently going through wave 4. Once it retraces to 23.6. one can initiate long positions. Remember wave 3 was extended so wave 5 might not be that huge. After wave 5, correction waves A, B and C will commence. But the underlying bullishness in commodities can always extend wave 5 and the correction may end up being smaller. Will make further updates when I get some more time.
29M trade ideas
29M @ 9 NOV 2021Text me if you have any questions/comments for me.
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29M
- First time doing a written analysis on 29M
- Since IPO, the stock has had a nice uptrend except during the September slump that affected the overall ASX market too
- The short-term average is starting to be a strong support
- Today’s Bearish Pin Bar with average volume can be a concern
- Technically, the rebound is considered successful
- R is borderline 10%
- Strategy-to-buy (DYOR) – Suggest entry at current levels if comfortable with potential strong retracements
