AsimMirzaTrader

MGR - Uptrend Confirmed. Next Buying opportunity

Short
ASX:MGR   MIRVAC GROUP
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 pulling back.
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 Buying zone is between $2.20 - $2. 40 .
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. That will be a trade with confluence.


Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
Comment:
Comment:
After pulling back all the way down to 78.6 Fib Retracement Lows from the early November lows, and after smashing surprise positive earnings, I think MGR is getting ready to move to the upside. It has come to my desired Buying Zone, $2.25 - $2.50 range, and the trendline Support. I am waiting for Bullish Price Action to follow through. If it consolidates and starts to move higher, I will buy MGR aiming my TP1 level of $2.80 for a potential 20% gain.

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