Price turned lower on three occasions at lower values showing selling pressure. RSI readings moved lower in similar fashion as price confirming selling pressure Short trade summary made on Daily chart
I do not wait for the neckline to break before I trade a potential inverse head & shoulders pattern. I rather use the retracement to the last shoulder as an early entry if it coincides with a demand zone. The Daily chart shows signs of a possible opportunity of this materializing in the foreseeable future.
This is continuation of WEEKLY analysis I posted a few minutes ago (22:00 SA time) Detail of trade summary on the chart NOTE - if you own this share currently, you should consider disposing them (SELL) as long as price remain below 2200
Date 15 Jun-20 Time: 16:10 (SA time) Higher swing lows in place - marking uptrend If price remains above 2450 the uptrend is intact Detail of trade on chart Risk Reward Ratio > 4:1
Trade summary @ 240 minute chart Current price 490
Current price just below 3200 Price is near support/demand zone and RSI close to overbought levels for swing trade opportunity Risk is 10% with profit potential of 32% @ target 1 (4000) Target 2 profit potential @ 55% (4700)
Summary of observation and trade on chart
Short selling opportunity or lock in profits if you have bought SUMMARY on chart
Current price today (24 Jun-20) is close to a buy zone. The buy zone is evident on the 4h chart @ 2200-2100 Aggressive buy above 2200 possible Ideal entry <2200, but price might not get there. See trade summary on chart Stop zone < 1900
Price currently @ 1775 Short term swing trade Enter @ current price < 1800 Multiple targets Risk = 15% Target 1 > 50% Target 2 @ 75% (longer term) Target 3 @ 200% (longer term)