I'm reading at the moment about the 4 stages stocks go through (ideally you want to buy at the start of a stage 2 rally). The current book is Stan Weinstein's one.
Anyways looking at Mayne Pharma, you'll note the trading range until the start of June has been getting tighter. Now it has broken above the trading range and looks set to hold. Not to mention the last...
No news since January, decreasing volume over the last month and tightening swings. But over the last few days increasing volume, big % daily increases and TTT has broken above it's trend line.
...at least that's the way this amateur is reading it. Let's see what happens!
A favourite technique of Mark Minervini is to look for shakeouts where the range from high to low is smaller than the previous one, over multiple swings. Combine that with decreasing volume and that's a reason why I'm putting APT back on the watchlist as a buy. Keep an eye out for a few days of increasing volume and a break out upwards.
I'm new to TA, so want to use my charts as more of a point of discussion than a reason for internal alarm bells to go off! Being Aussie I'll also focus on ASX stocks, which may not get that much attention on TradingView.
Anyways, with AfterPay this week it looks to test support around the 6.33 mark, as investors take a breather after the recent earnings report....