Back Up Action In Progress For UWC?

UWC

• Some might call it a cup and handle breakout.
  
• Some might call it a double bottom or a triangle breakout.
  
• It doesn't really matter as long as the breakout can be sustained.
  
• The breakout comes with decent demand and currently seems like a backup action in progress with low supply, which is encouraging.
  
• The accumulation zone suggests the supply level is low with a feather like movement towards the resistance (at 1.53).
  
• When the backup action (or test) is done for the breakout bar at 10 Sep 2019, the rally should be resumed.
  
• Don't be surprise by a momentum bar like 22 Aug 2019 after the completion of the back up process.
  
• Using traditional technical analysis projection with a 1-1 ratio, 1,80 could be the first target.
  
• A bearish commitment below 1.49 would violate the bullish case.
  

Trade active:

Supply has been exhausted. Backup action could near completion. Looking for quality demand to kick start the rally.

Comment:

Waiting for quality demand to break above 1.62.

Comment:

- After break out of 1.62 and a test, UWC resumes its rally and hit the first target - 1.8.
- Despite weak closing today, the supply level is not high.
- A stop can be adjusted to 1.64 and expect more upside follow.

Comment:

- Ease of movement with momentum bars showed up.
- Climatic run up in the past days.
- Price is overbought.
- Tighten the stop loss to 1.96 to protect the profit.
- Watch out for supply emergence while continue to ride on the trend.

Trade closed manually:

Lock in profit as UWC hit below 1.96. Exit the trade.