My favorite CHANNEL - downtrend After the Class A bearish divergence in late July, this Oil Pipeline stock was in a bear mood. The price broke out of the downtrend channel on intraday.
Why i am abit bullish: 1. Price fall too fast and far away from 8ema (bears are absolutely despair) 2. The downtrend channel looks respectably valid. 3. Though MACD line are widely apart, there is a little MACD bullish divergence happening 4. So using a 15mins chart, i was able to identify a double RSI bullish divergence that let me buy at 71.01 though not at the lowest. Target 76-77 Stop loss: 70
P.S. at the time of my long trade, the hammer is not completed yet. And i do not follow textbook risk/reward and stop loss strictly.