Buy United Utilities (UU.L)
United Utilities Group plc, the United Kingdom's largest listed water company, was founded in 1995 as a result of the merger of North West Water and NORWEB. The group manages the regulated water and wastewater network in North West England, which includes Cumbria, Cheshire, Greater Manchester, Lancashire and Merseyside, which have a...
Thursday’s Bullish outside/bullish engulfing candle lacks follow through given the prices have dropped today.
A weak closing today would mark the failure of the Thursday’s bullish candle and open doors for a sell-off to 860 levels over the next week.
I only take positions on the daily/weekly chart when trading equity as they are not open 24/7 and I find my win rate is higher historically. I have taken this setup.
Reasons to go long
- 200 MA is being respected
- support at 889 level
- ascending channel touches support level at the 889 level
- candle on the 12/12/2016 broke above previous weeks...