thiluxan_s

CHR Mid-Term & Long-Term Setup

TSX:CHR   CHORUS AVIATION INC
Easy sell signal at top of the channel. Now looking for re-entry positions.

Possible re-entry levels:
$3.06-$3.20 (Dotted Line inside channel) - Not only is there so much price action here it also lines up with the 50MA. Could be a great bounce target.
$2.55-$2.75 (Bottom of Channel) - This is key support of the channel and would probably have a lower chance of occuring but in my opinion is a grea long-term hold. If we give up this key support level then we could see much lower prices depending on the overall market conditions.
Trade active:
Comment: Still trading underneath death cross.

Sitting pretty on 50EMA but looking weaker. Could see a bounce to the top of yellow channel but with help of volume just like previous rallies had. Likely will sell off more there and wait for re-entry.

$2.60-$3 price levels likely if we see a dump.
Trade active:
Bounce target achieved at bottom of the channel. Price must hold $2.50 to still have upward momentum on daily.
As of right now I'm looking to get above the 21EMA and 50EMA, perfectly lined up with the .618 golden fib ratio as well. That would be a bullish sign for me for more upside.
If not, possibly will be rejection off either EMAs back to the bottom of the channel and possibly breakdown even lower.

Not trading advice, just my setup. Cheers.

Comments

It seems that we are hitting resistance around 2.6? Are you expecting it to bounce up at this stage ?
+1 Reply
@HR-PAL, Hey! Yup we bounced right off the bottom trendline. At this point im looking to see if we can hold these price levels and get above the 21EMA and 50EMA to assume at least a short-term upward trend. Good luck!
+1 Reply
May we have a November update on this stock? I'm a noob. Edit: A noob that spent $2.998 x 100 on this stock.
Reply
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