AGL Energy Limited
Long
Updated

Bullish potential detected for AGL

186
Entry conditions:
(i) higher share price for AGL along with swing up of indicators such as DMI/RSI.

Depending on risk tolerance, the stop loss for the trade would be:
(i) below the low of the recent gap-up (12th September) of $8.44, or
(ii) below previous potential support of $8.24 from the open of 28th August, or
(iii) below the prior swing low of $8.03 from 26th August.
Trade active
UPDATE (week ending 26-Sep): Trade activated on Friday 26th September for aggressive traders on a day of decent volume with a share price that closed above both 10 and 30 day MA's at the end of the trading week.
Note
UPDATE (week ending 03-Oct): Solid share price performance occurred following a re-test of the new support level established at $8.79 (the low of the recent swing on 30th September) this week. Charts suggest raising profitable stops to an area under this swing low, at the very least, whilst aggressive traders can raise profitable stops beneath the gap-up on 1st October (i.e.: beneath $8.99). Share price closed above both 10 and 30 day MA's at the end of the trading week.
Trade closed: stop reached
UPDATE (week ending 10-Oct): Profitable stop triggered on Thursday 9th October at $8.98, as the level described in last week's note. Let's be thankful to the market and look for the next trade!

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