munyaelliott
Short

OLD MUTUAL LIMITED (OMU) DAILY TIMEFRAME SHORT

JSE:OMU   OLD MUTUAL LIMITED
Price is moving in a range on the daily timeframe , with the support level at 2 120 and a resistance level at 2 370. Though it is possible that price may move further up to close the massive gap on this stock, it is my belief that prices are going to continue further down due to a cluster of orders that are sitting at or above the resistance level . The daily timeframe already shows two bearish candles that have formed indicating the presence (but not the dominance) of sellers. One of the two is actually engulfing previous bullish candles.

Here is my entry for this trade:
Entry: 2 300
Stop Loss: 2 400
Take-profit: 2 120
Risk-Reward: 1:1,80
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out