A Significant Price Movement!Recent price movement action contributes to resulting in high volume. The price closed above the MA line indicating buying interest with TEXCHEM.
The MACD indicator indicates a positive signal, hence, confirming the price movement with volume.
A precaution with an RSI indicator where high momentum indicates the stock is in an overbought state.
Let's save TEXCHEM in WL and watch out for price movement towards R2.
R 1.25
S 0.80
TEXCHEM trade ideas
Accumulated Phase!The candlestick downtrend has probability ended with a fresh buyer which results in volume cross above the MA line.
The MACD and RSI indicate a positive momentum with the price action.
Let's save TEXCHEM in WL and watch out for significant price action movement with a result in volume.
R 0.97
S 0.85
TEXCHEM - waiting to fish 🐟?Price still submerged inside the water (EMA line).
Don't catch red. Wait it finish the correction.
Patiently wait for the reverse signal.
Disclaimer: Mentioned stocks are solely based on own opinions for education and/or discussion purpose only. There's no buy and/or sell recommendation. Trading involve financial risk on your own. The author shall not be responsible for any losses or lost profits resulting from investment decisions based on the use of the information contained herein.
TEXCHEMCup & handle structure.
-The base retraced 50% from ATH, (WON said 40-50% during bear market)
-Volume dry up in base
-Handle buildup has low volatility
-Handle around 50% of base with rejection lower base AVWAP
-FA checked!
Cons:
-Price below MA50 during basing period (7 weeks)
-Market may be upward or downward
-Need a bit time before BO handle and retrace above MA20
#Texchem DTF - Fibonacci Strategy trading plan with Golden wave The most of strongest Momentum wave - Golden Wave (impulse)
Criteria :
Minor wave 3 in 3rd impulse major Elliot Wave
Strong Bullish Momentum volume unusual
Steepness of a trend line increases from 45% to 70% deg
Strong Break in bar retracement symmetry leading to a change in trend behavior
Bullish gap up price action
TEXCHEM (12/11/2020) on weaknessIn the past 91 days, this stock has undergone huge selling pressure and down by -46%, and now is on Corrective Wave C to find a new lower low. With Stochastic in overbought zone, the stock could continue in downtrend to find a new support around 0.618 level (0.600). A strong support is at 0.565.
A good entry would be to wait for the downtrend line breakout and a reversal pattern near support zone (fibo level 0.618), and Stochastic to start entering 20+ region.
The stock is Non Syariah (NS), so won’t be suitable for Syariah trader.
TAYOR