AsimMirzaTrader

Uptrend Confirmed - Next Buying Oppurtunity

Long
ASX:IAG   INSURANCE AUSTRALIA GROUP LIMITED
Bullish trend confirmation indications:

1. Downtrend line broken.
2. Impulsive price action at the break of the trendline with High Volume
3. After the impulsive break, price is correcting and consolidating.
4. I would be a confident buyer within the Buy Zone which is the Fib Retracement Level Zone of
50-61.8 % and support of the trendline. The ideal level zone is between $4.90 - $5.00. That will be a trade with confluence.
5. Good Buying Opportunity if it closes positive or prints a Bullish candlestick patterns in the Buy Zone area and on or near
the trendline with bullish price action follow through.

Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
Comment: Price closed in red, selling pressure intact, still waiting for price to reach the Buy Zone between $4.90 - $5.00 and show Bullish Price Action to take a buy position. Will update accordingly.
Comment: Price is consolidating and chart developing according to plan.
Comment: Price is still consolidating.
Comment: Daily Bar closed in Red (Bearish), expecting to reach Buy Zone between $4.90 - $5.00.
Comment:
Comment: As expected, price has come into the Buy Zone of $4.90 - $5.10, waiting for a potential Buy Setup, and Bullish Price Action to take a buy position.
Comment:
Comment: Price closed below the Buy Zone of $4.80 - $4.90, but it has now reversed and shown a bullish candlestick pattern. I am expecting bullish price action now, maybe another day of bullish candlestick pattern closing, so that I can take a Buy Position.
Comment:
Comment: Still expecting a turn around soon, to take a Buy Position. Waiting for more Bullish Price Action to resume.
Comment:
Comment: Price dropped and reversed exactly at $4.610 (78.6% Fib retracement level) and has formed a Bullish Engulfing Candlestick. I expect Bullish Price Action follow through, to take a Buy Position.
Comment:
Comment: IAG has been moving as expected, giving a pull back and bouncing off the Higher Lows now. I am bullish on IAG and expect price to follow through to the upside. We can see a massive Bullish Divergent MACD developing which clearly indicates that the overall trend that was bearish in 2020 due to the pandemic is loosing steam and all that Bearish Momentum is decreasing.
Comment:
Comment: We can observe IAG consolidating, I still think it should move up to form a Higher High. Lets see how IAG develops in the next coming sessions.

Comments

The exit was 15 th Feb
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