TYX.ASX - Potential Double Bottom For A Nice Profit.This would be a nice little trade, though a little dangerous. You need to look at the longer term lead in trend to the chart and you will see there is a down sloping trendline into this double bottom. I say it is ill defined because that centre peak is deformed relative to the valleys. However, despite this, this trade has potential because of the volume spike I have drawn out. A lot of traders have entered into this trade and are down about 80% at the moment. If one is able to buy this stock cheap, and cheaper the better is key here, there is about 250-300% to be made here. There is a large volume of traders above 0.026 that will likely want to sell if this stock rallys back to this level.
The trading plan for this would be to accumulate as low as one can and hold to the 0.025 level and either sell completely, or sell to break even and derisk, then to reassess the trade at that point. Buying at this level is risking a 40% dump to 0.001, for a 250% gain.
