Its been pretty strong the last 3 days, and price action was strong on friday given the sell off in the morning, and facing resistance at these price levels. Would wait to see how it goes tomorrow before re entering. If you would like to enter, a stop at 6.50 is the next support, so slightly riskier for short term traders.
is VUL going through consolidation? Also Bearish two crows and hanging man has been formed. Whats your thinking on it?
TAjames
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@anupraj8848, i would say its short term bearish.. maybe for the rest of this week, but at the same time its holding quite well and the daily candle also tells me tomorrow would be a green day.. but thats only if the market is bullish, which unfortunately cant really be predicted as easily with the asx..
With any move with overhang that vulcan has, days where its nice and tight below resistance are a sure fire way of saying 'if it breaks, it will break fast and move to next resistance very quickly.' For me personally, tomorrow looks to be a good buying day as the candle pattern is clean for a move up, which means i can put a tight stop at the wick low of today. But thats what id do, also consider opening price and volume first 15mins.
TAjames
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@anupraj8848, im also one to not really care for charting patterns.. i have the few that i use, but i mostly look at support/resistance and trendlines when making trades.