Provisional plan going into next week.
The share has surpassed our buy/long target range of 31200c to 32000c from the suggested entry of 29300c, having tested it's highest level since February 2020. While the price remains in an active sequence above a rising 8 and 21 day EMA, the 7-day RSI is strong but nearing 'near overbought' territory. Having advanced from a low of 27169c on 13 May to Friday's high, we question whether the short term trend is becoming overextended and whether there is an opportunity for tactical short sellers to generate cash flow? Consider the following (only applicable early in next week): the share may trade above Friday's high however, if the high does not hold then it may create a tactical short/sell down to the 31300c/31600c range.
It may continue higher so I'll be monitoring in real-time (for clients) for the best entry (no 'short' tag added to this idea as yet).
Price at time of publication: 32743c
The share has surpassed our buy/long target range of 31200c to 32000c from the suggested entry of 29300c, having tested it's highest level since February 2020. While the price remains in an active sequence above a rising 8 and 21 day EMA, the 7-day RSI is strong but nearing 'near overbought' territory. Having advanced from a low of 27169c on 13 May to Friday's high, we question whether the short term trend is becoming overextended and whether there is an opportunity for tactical short sellers to generate cash flow? Consider the following (only applicable early in next week): the share may trade above Friday's high however, if the high does not hold then it may create a tactical short/sell down to the 31300c/31600c range.
It may continue higher so I'll be monitoring in real-time (for clients) for the best entry (no 'short' tag added to this idea as yet).
Price at time of publication: 32743c
