AsimMirzaTrader

WPL - Any Retracement Lower could be a Buying Opportunity

Long
ASX:WPL   None
This stock had been hit real hard during the COVID -19 pandemic because of plummeting Oil Prices. Now that we have observed Higher Oil Prices, and particularly WPL has been going up now, I believe the trend will advance further up and we may see much higher prices in the days to come.

We can see a Golden Cross, MACD has crossed and High Volume , which shows the possible change in trend.

Nothing goes up in a straight line, so since price have been moving up we have not seen a decent retracement, so I believe any retracement lower could be a good Buying Opportunity.

We might see some kind of profit taking in the Gap Window Zone, between $24.90 - $26. 40 range, so any pulback lower ideally in the Buy Zone between $20.00 - $22.50 range could be a great Buying opportunity.

Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
Comment: I still have the same view and I expect WPL to retrace lower which shall be a very good Buying Opportunity.
Comment:
Comment: As expected, price has closed the Gap now, and is showing signs of weakness in the Sell Zone of $28.15 -$24.70. As it has been making Higher Highs, we can see a lower peak on the RSI (Divergence) as it is coming down from the Overbought Zone. This is indicating a decrease in Bullish Momentum. WPL is expected to rollover and come down. I am expecting WPL to drop to my Buy Zone of $20.30 - $22.30 range, where I will be waiting to buy.

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.