ENTRY: 6.90
SL: 7.54
TP1: 6.56
TP2: 6.21
- ADX<20. Would like to be higher.
- Daily RS -ve
- Daily FFI -ve
- Weekly RS -ve
- Weekly FFI -ve
- Breakdown today with high volume. Would like closing to be better.
The Codan Ltd (ASX:CDA) 14-day RSI has just moved below the 20 level (1st move below 20 in at least 20-days). Since 2003, indicator weakness below 20, was usually the forerunner to some short-term upside.
The 16-day average return, following CDA's 14-day RSI move below 20, was 8.53% with a win rate of 10 from 11, median 5.59%, & standard deviation of 13.33%....
Codan looks to have pushed through that resistance area with a retest and new volume behind it. Moving averages spreading apart nicely. Global operator with government clients who don't tend to curb their spend i downturns. Might be worth a watch.
Current demand is 61 buyers for 106,346 units with 29 sellers for 47,241 units
Codan Limited develops electronics...
With the help of VectorVest, we knew that the Aussie stock market just reverse from the bottom on 22-Jun. Therefore we apply a Bottom Fishing strategy called "VST Mighty Mites"
Parameters modified as follow:
• Sector <> Energy, Materials, ETFs, Telecom Services, Utilities
Results of Top 5 stock descending by VST*GPE/RT are
HPI.AX, RFF.AX, GDI.AX, CDA.AX,...
There are no big differences between red and green low test bar. The important thing you need to know is the read the price actions correctly. Ask yourself many “W” types of questions, such as:
• Why is there a low test bar near $2.05?
• Why is there a low test bar near $2.17?
• What prices are significant support and resistance?
I believe this is a correct way...
TA: Broke trend line (yellow) on Solid volume (Pocket pivot)
MACD above 0
Stochastic crossed up
Price above 50 and 200MA
Bounced off pitchfork with a hammer candlestick.
FA: Company is in the defence sector with radio communication, metal/mine detection and gold detection industries.
Defence sector may be bullish with global geopolitical tensions.
