Extract from pre-market client note.
Printed a ‘piercing’ candle pattern where the price traded below the prior day low (27110c) then reclaimed and closed above that level (27149c). Tuesday’s low was also in line with the 61.8% Fibonacci retracement level and just above the prior breakout. On Wednesday, the share needs to hold the 27000c level to signal a potential short term bullish reversal. Above-average volume relative to prior 3 days.
Previous short around the 29700c level on 19 July. Got stopped out for -1.6%. The share subsequently traded higher before making a sharp decline to the current level.
For more insights and real-time trade ideas, get in touch today.
Printed a ‘piercing’ candle pattern where the price traded below the prior day low (27110c) then reclaimed and closed above that level (27149c). Tuesday’s low was also in line with the 61.8% Fibonacci retracement level and just above the prior breakout. On Wednesday, the share needs to hold the 27000c level to signal a potential short term bullish reversal. Above-average volume relative to prior 3 days.
Previous short around the 29700c level on 19 July. Got stopped out for -1.6%. The share subsequently traded higher before making a sharp decline to the current level.
For more insights and real-time trade ideas, get in touch today.
