Price has been in a downtrend but now approaching conditions for confirming trend reversal to the upside. When a swing low is confirmed, I expect price to move upwards & close the gap and breach the trendline. That would be an area to take profit +20% as this will be a relief rally after which we will assess the strength of resistance to push price downwards.
TGA seems to be breaking out to the downside of the small trading range it has been trading in since early May.
My short target is around 18600. This is however against the longer term trend.
- The stock has had a heavy sell off after losing the 20 day moving average which it was holding onto since the 24th of May
- It will be a bit risky to chase the downside momentum here (unless you keep a tight stop) so I will be looking for any pullbacks to short towards a first target level of R175 . The bear case is in play while price remains under the R242...
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
Strong up trend in the stock with price testing the SR levels at 12000 and pulling back forming the beginning of a a bull flag setup here. Watching price action for long opps to add to my position.
TGA printing the same kind of 'bearish engulfing' candle that it printed on October 6th 2021 before price retreated by at least 37%.
Next support comes around 100.
TGA testing resistance just above the R92 level. If it can close above resistance we might see a quick move to R100 and then R102.
Trade ideas are my own and not financial advice.
We give a quick recap of markets overnight and the previous day and insights into the day ahead with a few trade ideas on the day. Ideas are strictly NOT INVESTMENT ADVICE.
