Time for ARMADA To Enter Into Markup Phase?

ARMADA

• Supply has been exhausted.
  
• Potentially in phase D sign of strength (SOS) rally.
  
• A breakout above 0.285 followed by a backup action could provide a good entry.
  
• The last reaction has supply absorption characteristics.
  
• The cause built from Dec 2018 till Sep 2019 could make ARMADA a good long term campaign.
  
• Pay attention if it turns out to be an up thrust rather than a breakout with a stop below 0.24.
  

Trade active:

Huge supply emerge today, possible correction as a back up action for the whole accumulation structure.

Pay attention to 0.3-0.315 should the back up action come.

Comment:

Scaled in at 0.31 earlier today. Potential Change of Character (CHoCH) for the trend initiated since 30 Aug 2019.

Comment:

- A strong and healthy run up after the reaction to 0.3-0.315.
- More upside to be expected until emergence of supply.
- A potential target using point and figure chart: 0.49-0.53

Trade closed manually:

- Change of character bar has shown up today with huge supply in sync with the results.
- This should stop the up trend for now.
- Profit protection stop below 0.46 will get triggered today.
- End of day traders might consider to wait for a secondary test to exit on the way up.