Ivory_Wolf

Bullish potential detected for AMC (gap continuation play)

Long
Ivory_Wolf Updated   
ASX:AMC   AMCOR PLC
Detected 03-May (detailed commentary and full scan results available in the signature below). Not activated as at time of review of 03-May.

AMC represents a potential bullish opportunity should momentum continue and newer highs be made.

Entry conditions:
(i) higher share price above the day of gap-up (preferably along with swing up of indicators such as DMI/RSI) for a gap-continuation play.

Stop loss for the trade would be:
(i) below the support level from the low of the day of the gap-up on 2nd May (i.e.: below $14.97).
Trade active:
UPDATE (week ending 10-May): Trade activated on 6th/7th May with the trade progressing well towards the end of the week. Consider raising stop loss to at least a break-even area (with take profit), considering the gap-up on 8th May as area of stop loss zone (i.e.: $15.28 beneath the low of the gap-up as a possibility).
Trade active:
UPDATE (week ending 17-May): Share price closed between the 10 and 30 day moving averages at the end of the week (upper end of the range), whilst remaining above the support level offered by the base of the gap-up day on 8th May ($15.29). Be aware of the upcoming dividend payment of $0.193 on 21st May and the market reaction on that date around the support level, taking into consideration your own benefit-risk profile.
Trade active:
UPDATE (week ending 24-May): Share price closed between the 10 and 30 day moving averages at the end of the week (middle end of the range), whilst remaining above the support level offered by the base of the earliest gap-up day on 2nd May ($14.98), even following ex-dividend date of $0.193 on 21st May. Observe market reaction at this range area.
Trade closed: stop reached:
UPDATE (week ending 31-May): Share price closed beneath 10 and 30 day MA's, as well as support level from gap up on 02-May - suggested close out of any trade taken (remove from watchlist).

Detailed commentary about this trade available here:
- www.youtube.com/watch?v=7F0TjKAoqqM (Stocks and bonds - latest scans timestamped in comments)
- www.youtube.com/watch?v=duIWfbXjG4g (Crypto review)

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