Analysis on Daily chart (25 May-20)
RSI has been moving higher since price bottomed on 31 Mar @ 6300
Uptrend developing
TRADE SUMMARY (Swing trade)
Buy @ 7800
Profit target 1 @ 9700 Profit target 2 @ 12000
Stop loss @ 7250
TARGET 1 (short term) TARGET 2 (longer term)
Risk = 550 (7%) Risk = 550 (7%)
Reward = 1900 (24%) Reward = 4200 (54%)
RR Ratio = 3.45 RR Ratio = 7.6
RSI has been moving higher since price bottomed on 31 Mar @ 6300
Uptrend developing
TRADE SUMMARY (Swing trade)
Buy @ 7800
Profit target 1 @ 9700 Profit target 2 @ 12000
Stop loss @ 7250
TARGET 1 (short term) TARGET 2 (longer term)
Risk = 550 (7%) Risk = 550 (7%)
Reward = 1900 (24%) Reward = 4200 (54%)
RR Ratio = 3.45 RR Ratio = 7.6
Comment:
RSI on Weekly heading upwards
Moved stop < 8500
Target 2 still in play & needs time to develop
Moved stop < 8500
Target 2 still in play & needs time to develop
Trade closed: target reached
Target 1 met on 04 Jun-20 @ 9700 (TODAY)
Sweet 24% made on batch 1 within 8 trading days
Hanging man formed on 04 Jun-20 Daily candle signaling possible reversal
Place stop loss @ 9000 on batch 2 in the event price heads down from today