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Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
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Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the...
Typical head and shoulders pattern. Looking to sell once the neckline is broken and closed below. Confirmation on the following day when low of breakdown bar is broken. Profit 1 10.35 and move stop loss to break even. Profit 2 8.75.
If overall market continues to fall it may be worth holding a small position to see if profit target 3 can be hit.
ANTO is in an uptrend in both weekly and monthly time frames. It has held its structure through the recent market volatility and is in a strong sector.
It has just bounced off the lower trend line and come from an oversold position.
I have taken a small position and am aiming for the top trendline on the chart over the coming days/weeks.
I covered this yesterday in the Monday Market Update ( which you can watch here ). Fascinating chart to look at and I think if it breaks above 1500 we are bullish back towards recent highs.
ANTO (UKX) - It is in strong up trend and impulse cycle since Covid low. It seems in final move up as 5th of 5th wave up (or may be 3rd extended wave up). So as far as price holds above 1397, it is a bull case set up for target above 1625 or even higher level.
Give thumbs up if you really like the trade idea/analysis.
LSE:ANTO
03 February 21
Antofagasta PLC UK
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Current Weekly Demand Level is
Holding & price could Potentially
continue to move higher form here.
However If ?
a weekly Close Below 1389
Price Could Potentially fall to the,
Next Level of Weekly Demand,
around 1165 to 1090.
With Strong level of Demand,
around 1073 to 978.
Anto looks good for a short.
Resistance level has been tested a few times in the past 5 months. It almost broke through last week but yesterdays pin bar bouncing off the resistance level and today's indecisiveness leads to me to think this will drop circa 60 points.
I published an idea on this stock back at the end of December 2017 and although I now think that count is wrong (surprise, surprise) it still worked out well. This is a revised count for that stock which shows a preferred count (blue) and alternative count( red) which are both bullish. It is perhaps too early to really tell if it has any value or not, except that...
In this EW count it may be that the 4th wave correction might have not completed yet but, whatever the case, I reckon there may be a 5th wave move up for this stock sooner or later.
Interestingly this one tears my tech vs fundo brain, copper prices are rising output is high and strikes in Chile are over.
All things considered this should be a long. Taking a clear look at the volume data the highs have been rejected twice with big volume. Not only that the moves down have been followed by volume confirmation.
A move to the main value area...
