Strategy
- Strong potential pivot point marked by long legged doji & heavily traded support at $1.30.
-
XME
down 3.4% on week, potential sector rotation heading into next week.
- Stoch RSI in oversold position
Trade Position
- Entry - $1.345
- Target Price - $1.50
- Stop Loss - $1.30
- Target Return - 10%
- Risk % - 3.35%
- Risk to Return Target = 3/1
Trade active:
Day 2 -
- Stock hit an intraday high of $1.43 / + 6.43%
- Sold 50% of parcel at $1.42, 30m off the open, hitting a nice return of + 5.63%
+ Stock re-bounded with help of the wider market with the ASX (XJO) up + 0.87% on the back of the US debt ceiling 'agreement in principle'
- Closed day at $1.395 / + 3.33%
- Gravestone doji formed on the daily which highlight possible bearish sentiment.
- Looking at the hourly chart, clear resistance is being formed at $1.43
- Stock hit an intraday high of $1.43 / + 6.43%
- Sold 50% of parcel at $1.42, 30m off the open, hitting a nice return of + 5.63%
+ Stock re-bounded with help of the wider market with the ASX (XJO) up + 0.87% on the back of the US debt ceiling 'agreement in principle'
- Closed day at $1.395 / + 3.33%
- Gravestone doji formed on the daily which highlight possible bearish sentiment.
- Looking at the hourly chart, clear resistance is being formed at $1.43
- Closed out the trade at $1.46, with a return of 8.55%
- Candelsticks are looking bullish for a further run upwards however part of me has a feeling the stock will retrace heading into the end of the week.
- I will continue to monitor for a possible entry at the $1.38 ish mark