$REE.asx - Price bounced off 61.8% fibs and now testing old support area...reversal coming imo
Took a position, Let's see...GL!
Please ALWAYS DYOR First!
REE has been chopping around in in a sideways range since October but has today broken out of this channel with sights set 52w High. Looks like their output will be in high demand for electric vehicles and electric wind turbines both have a solid future.
Good to enter now with target of 0.205
A low risk stop below 0.100
If we can break 0.205 then trail the stop...
latest announcement - SPECTACULAR THICK HIGH-GRADE RESULTS FROM IN-FILL DRILLING
Which has just followed President Trump declaring a rare earth emergency, with an increasing demand and a bottom pattern.
One to watch!
Results from the 3 of holes tested have come back very very high grade theres 55 more holes to get results from...
DYOR
TA,
- Daily MACD golden cross
- Price above 120ema
- 5ema crossing 20 and 40ema
- Strong bounce off 0.059 support ( Long tail )
Entered on 10th August (bit too early). Looked like a good trade setup but macro environment weighing down on the price action on the following days.
Should have waited for confirmation. Will cut loss if it breaches 120EMA.
Exit: 0.087
SL: 0.05
Watchlist
Price beginning to tighten up
Ascending Triangle pattern
Recent push up
Watching 7.5 level
Price trading above 21/65 EMA
Might see some resistance at 8.6
