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AsimMirzaTrader
Dec 4, 2020 4:53 AM

Uptrend Confirmed - Next Buying Oppurtunity Long

INSURANCE AUSTRALIA GROUP LIMITEDASX

Description

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
dundeeboi
The exit was 15 th Feb
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