SEEK has broken out of a multi-year range and is now testing the upper boundary to gauge buyer commitment. This is a critical zone. Price action here will reveal whether markup is ready to accelerate or pause for a reload.
Trade Scenario
Begin scaling in as price has reached the top of a Low Volume Node. This zone typically lacks price acceptance, so there is a strong chance of a brief dip before continuation. If price does pull back, monitor the buy zone for a second entry/scale in opportunity.
Risk management remains essential. Since a higher low has not yet formed, the stop loss should sit below the Last Point of Support. Once a new higher low is confirmed, the stop can be moved accordingly to lock in structure.
Targets
Initial target sits just below the all-time high
For extended upside, trail the stop loss using newly formed swing lows to capture continuation
Trade Scenario
Begin scaling in as price has reached the top of a Low Volume Node. This zone typically lacks price acceptance, so there is a strong chance of a brief dip before continuation. If price does pull back, monitor the buy zone for a second entry/scale in opportunity.
Risk management remains essential. Since a higher low has not yet formed, the stop loss should sit below the Last Point of Support. Once a new higher low is confirmed, the stop can be moved accordingly to lock in structure.
Targets
Initial target sits just below the all-time high
For extended upside, trail the stop loss using newly formed swing lows to capture continuation
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.