thiluxan_s

MEDIPHARM LONG SETUP

TSX:LABS   MEDIPHARM LABS CORP
Looking at a potential low risk high reward play here.


Although i pointed out the previous bull run above, I don't expect anything close to that happening at all.
We are currently under a death cross and earnings are coming up, note it usually dumps at earnings after all-time-highs.

This is a company I am looking at long-term though so I will buy small at this level only because of the number of opportunities in the market right now, but will essentially look out for lower prices and possible bullish divergences in which case I would up my bet.

Any rally here I would anticipate a breakout and continuation possibly to that .618 fib level which seems to be respected a lot throughout this bear market, and just so happens that the 50MA is lining up with it as well.

Not investment advice, just my opinion on the market. Safe trading, cheers.
Trade active:
At critical long-term support.

Earnings were not good but secured international long-term contracts, solifying investor confidence.

Post -earnings saw a huge volume spike.

This is a long-term play. If we break below support I will look to purchase more and hold.

RSI indicatring we're oversold atm and I would look to retest the 50EMA eventually.

Comments

Sold it at 1.70 and loaded up at 1.40. I'm expecting it to double next quarter as they secure new markets for their products.
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thiluxan_s graeme737
@graeme737, Nice! I anticipated a drop post earnings just like usual and bought up around 1.40 as well. Seems promising :)
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