AU Ready to Trade???This is my first chart. Exciting times. I was looking for a vehicle to trade into 2019. Ran across a few set-ups in the making, AU being one of them, the rest will be posted over the next few days.
Here is the set up:
PRICE ACTION
Broke through a strong S/R Level ($12.37), set over multiple periods of time on the Monthly. On more than one occasion from 1983-1996 this was the proverbial glass ceiling. Then a Massive Gap (split, stock dividend???) something gaped this baby back in 1998 and for many years AU traded nicely above 12.37, Only to retest this level in 2000, 2008, 2013. Also to note is the S/R Level (18.07).
I have two highlighted areas of action during the past five years (2013-2014) & (2016-2017) where price movements shows a general favor to channeling High/Lows between 18.07 and 12.37. RSI and Oscillator indicate a good probability of upward momentum.
EXPECTED ENTRY/EXIT: 13.00/18.00
TIME FRAME: 4-6 months
TYPE of TRADE: Channel Trade with a chance for multiple round trips between 13.00/18.00
