Entry: 15.16
Stop loss: 15.88
Went short after it broke out of its previous low in a rounding pattern with good volume.
The 3SMAs are in order and biased towards the downside.
After announcing full year results, Appen LTD ASX: APX continued its downward slide to touch support in the 15 AUD region. APX has rallied somewhat recently, but momentum has barely turned positive on the daily and continues to remain negative on the weekly timescales. The 15 AUD level matches up with a past peak in Aug/Sept. 2018 and I believe will be a key area...
APX has sold off pretty heavily since COVID however still not officially in bear trend on Monthly and holding support at a key level.
If we start to see buyers and some volume here I'll be interested in getting involved...
Entry Indication:
the hammer candle appears and standing on the 200 EMA.
the RSI indicator shows oversell but the candle closed bullish (selling momentum is weak)
Risks:
the 20 & 50 EMA are currently setting on an important spot(intersection appears).
current trend is shifting to bearish.
My Trading Bias for APX is Bullish because price has broken the Bearish Trendline with High Volume.
TP1 ~ $28.00 (Potential Gain of 18%)
TP2 ~ $30.00 (Potential Gain of 28%)
Stoploss below $21.00
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade
Since the March 2020 lows of around $15.00 to the Highs of $43.60 recorded in late August 2020, we have witnessed weakness in price value, but I think that APX has now found good Support at around $22.00 level, which is also 78.6% Fibonacci Retracement. I think that we may see some Consolidation (Accumulation) or a rise in price above the mentioned Support Level...
The trend is your friend with APX. Has been respecting the daily trend since 2017. MACD is in a great position and the RSI is screaming oversold. Short term 17% target, medium term 38% target, longer term 65% target.
looks like it's already oversold.
I will wait for $32 - $35 range. I definitely want to have it in my portfolio, for long term investment.
Also, I think fair price is between $28.00 to $30.00.
P.S: Please note these are my own notes for future reference, by no means trading advise to anyone.
So the red line is the price point we are continually retesting and rejecting as you can see it's been rejected three times
at the moment i do see an upwards channel happening like it did prior between start of 2019 and Jul however the volume does not reflect the previous bull run, instead, it seems to be dropping and the rise is much more steep than a healthy...
