Hi everyone. I'm a newbie, this is my first idea I'm sharing. Love to get your feedback on if you think my reasoning is valid or otherwise
Both the Weekly and Daily charts show upward trend above the 50MA. Stock is trending extremely well considering the ASX200
Initially, I thought the candlesticks were consolidating, however now it may appear that they are heading back to the 50MA.
Assuming 50MA continues its course, they may meet up Thursday 26th March, so Friday - through Wednesday should indicate if it will bounce high again.
There looks like a low-level support band has formed which might provide a good stop-loss level if one decides to take a long position.
What do you think?