Feb 12: 23.00 AEDT
Ok here is one for the oil bulls.
This stock has been beaten up recently,
but the falling wedge and solid volume support
at $3.60 and $3.90 suggests ST potential.
Weekly Support is rising underneath, but at $3.50+
Ok the Trade:
Buy now on the bullish gap bar at $3.90 SL $3.80 TP#1 $4.10 TP#2 $4.40
RR := 50/10
If it fails - re-enter at the...
Follow up from previous idea.
As seen in the chart there should be a short term drop of price.
case A & B: this is the bull case, if the down turn doesn't fallback into previous massive 2-hour level central region. We are expecting the current 30-min up trend to resume.
case C: this will be the bouncing case, where we fallback onto the 2-hour level central...
on 30m frequency,
technical analysis using the CHAN theory:
comparing the two vertical region, the first drop is very much stronger than current one. While the "central region" in the middle is holding current movement of price. This concludes that the downward momentum has been depleted, and it should favour upwards movement.
technical analysis using MA: