AsimMirzaTrader

Strong Bullish Price Action - New Buying Opportunity

Long
ASX:AGL   AGL ENERGY LIMITED
Bullish trend confirmation indications:

1. Descending Wedge Pattern Broken.
2. Impulsive price action at the break of the wedge .
3. Price Broke the Squeezed Wedge with High Volume .
4. Price has retraced to the broken resistance zone , which is now Support.
5. Price Action shows Bulls are in control.
5. Good Buying Opportunity and very good reward potential.

Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
Trade active: Trade Active
Comment: If daily price bar closes at or above 13.59, it may provide a very good buying opportunity.
Comment: Daily price bar closed at 10.55, below my ideal level of 13.59, so still waiting to buy. Have to see on Monday if it consolidates in the same zone as of today's trading range and closes in green, or closes higher, then it proves that Buyers are in control, and I would buy near or at close of the market. Will update accordingly.
Comment: Daily Bar closed in red, but still at support. Waiting for Buyers to step in soon.
Comment: Price hovering on Support. Expecting a bullish close soon.
Comment: Daily Bar closed bullish as expected.
Comment: Support Broken. Price at very critical level. Expecting a turnaround soon.
Comment:
Comment: Expected a turn around here and it has formed a bullish engulfing canlde.. Expecting it to follow through and continue higher.
Comment:
Comment: Price is making lower lows while Bearish Volume is shrinking. We can clearly see Divergence between price and Volume. MACD histogram have also shifted to positive (Color change), which may suggest that Bears are loosing control now and Bearish Momentum is shifting.
Comment:
Comment: AGL has been moving lower but very slowly, though it has not confirmed a bottom yet. We can see a massive Bullish Divergent MACD developing which clearly indicates that the overall trend that was bearish in 2020 due to the pandemic is loosing steam and all that Bearish Momentum is decreasing. We can also see that as price is making lower lows, OBV is clearly indicating that Bearish Volume is not following price but is moving up. I believe that we may see a bottom forming and a turn around in price soon.
Comment:
Comment: As mentioned in my previous update that AGL has been moving lower but very slowly, though it has not confirmed a bottom yet. The positive thing is that we can see a massive Bullish Divergent MACD developing which clearly indicates that the overall trend that was bearish in 2020 due to the pandemic is loosing steam and all that Bearish Momentum is decreasing.

We can see a Bullish Divergent RSI developing, also indicating that the Bearish Momentum is decreasing.

I think AGL should turn up soon, but if we see the break of the Lows, it may be short lived.
Comment:
Comment: AGL spiked lower but managed to close within the short term descending wedge, still expecting to bounce soon.
Comment:
Comment: Despite the pressure, AGL spiked lower but did not close below the newly forming wedge. Expecting a rebound soon.

Comments

Same here mate. Lets see.
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AsimMirzaTrader AsimMirzaTrader
@TakeASideStep, Expecting a rebound soon.
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NIce. Got my eye on this one
Reply
AsimMirzaTrader TakeASideStep
@TakeASideStep, Cheers Mate:)
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