Buy signal here today, low volatility reading. Uptrend with higher low in place. Stop loss less than 10%, swing low @ $16.70. We can see that the long term downtrend has been broken now.
0.2% capital at risk
$SUM has been cut in half from 2018 highs. $SUM just printed a W bottom and printing a bullish symmetrical triangle after recent earnings. I am long looking for much higher prices. Expecting a boom in business from infrastructure rebuild coming and perhaps even a wall which will need a lot of basic materials that $SUM produces
$SUM has been absolutely destroyed since early 2018 highs of $34 and now trading at $13. You can buy this materials company at 1/3 of the price it was trading at just a few months ago and join the likes of David Tepper and Steve Cohen who own this buying at prices much cheaper. Once the midterms pass we will see infrastructure bills coming to repair our crumbling...
Look for entry on way up. Keep an eye out on this market volatility. During times like this, If you go into profit, manage your trade with a tight stop, preferably on a smaller time frame. Be careful.
---Ideas are not investment advice
Retest gap on earnings today. It is near all time highs so I want it to pull all the way back to the support/resistance level it just broke through. 2R target is today's high. Not sure it's going to pull back this far.
Right at rising wedge trendline support + support from 200dma underneath + MACD curling up.
Doji on a downtrend will need a supporting up candle to confirm the reversal.
A very good R/R to go long at current prices with a stop below close under 200dma.