Michael Porter on the Unum Capital Trading Desk likes the +AGL / -BHP pair.
I might be a few days late on this one, an the ex Div date a few days back does affect the pair.
entry 1.006 with a target of 1.095 (TP) and SL of 0.963
JSE:AGL has broken through a descending resistance line and is looking good for a long position.
For the more cautious trader, I would wait for it to close above the resistance level and the fractal before entering.
If I'm analyzing a market, I always force myself to consider what the "other side" is thinking.
In other words, if my research suggests a buy, I take a good long look at the chart, fundamentals and the market in general and think about what the bears might be thinking.
I do this to try and ensure I don't miss anything. At least nothing glaringly obvious!
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Bullish Falling Wedge. We currently have the heavy resistance of the EMA 50, MA50, EMA100, MA100 directly above. Looking for a double bottom to form in the next 3 weeks. Once we hit our double bottom we should break out of the wedge with a take profit target at the 38.2 Fib (23.36).
Bullish divergence between A/D and price trend and some massive buy orders a week ago hints that we are nearly done retracing. It looks like we definitely found a bottom on 20th of April, though I think we will retest it and form a double bottom reversal before our next bull run.
Some additional points - We have already tested the 23.6% Fib multiple times and...
AGLE seems breaking out of an upward channel formation like the Pharmaceutical sector itself. It has good insider buying.
We think it has very good upward potential.
* Trade Criteria *
Date First Found- December 26, 2017
Pattern/Why- Downward channel breakout, Bump & Run formation
Entry Target Criteria- Pullback to $5.32 or break above $5.71