Hi guys. Im very new to trading and investing using a demo account at the moment. Im trying out some technical analysis and have an interest to invest when im confident. Here is an idea I have for a long term investment for SSE. Im confident we will see a continuation in the bullish trend for SSE and Equinor following their joint venture project, Doggerbank wind farm on the North East coast. Its due to undergo phase 1 of 3 construction phases this year (2021) and will be the largest offshore wind farm in the world when completed, with a lifespan of 25 years. (I only wish I invested sooner, when I first researched the development back in mid 2020)
This analysis is to just find the best entry position. We can already see a bull trend, that I expect to continue. Using the fibonacci retracement, I think we will see a pull back to a more desirable entry position at the 38.2% level (1443 GBX), this is backed up by a previous level of support (highlighted along the green horizontal line). In addition the relative strength index is nearing the 30% level, at which point my entry point will be reached, and the bull will continue. Could it be worth placing a limit order at the 1443 level? or could we already be at the best point of entry? Would appreciate any thoughts on this or ways I could improve as like I said im very new and still learning.
P.S. I do not claim to be an expert in anyway, trade at your own risk.
This analysis is to just find the best entry position. We can already see a bull trend, that I expect to continue. Using the fibonacci retracement, I think we will see a pull back to a more desirable entry position at the 38.2% level (1443 GBX), this is backed up by a previous level of support (highlighted along the green horizontal line). In addition the relative strength index is nearing the 30% level, at which point my entry point will be reached, and the bull will continue. Could it be worth placing a limit order at the 1443 level? or could we already be at the best point of entry? Would appreciate any thoughts on this or ways I could improve as like I said im very new and still learning.
P.S. I do not claim to be an expert in anyway, trade at your own risk.
Comment:
Entry position was reached.