Text me if you have any questions/comments for me.
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HLS
- Previous analysis was done on 31 Aug (red arrow) -> recommended caution and suggested to wait for successful breakout of strong resistance zone at 5.15-5.35 levels
- Since then, the stock has created multiple LHs and is now trading at the 4.57 support levels (blue dash line)
- A counter-trendline resistance has also formed (purple dotted line)
- Buying at a support can be a strategy that some traders used
- As a Trend Follower, I prefer if the stock can prove itself by breaking out from the counter-trendline first
- A successful breakout looks to be around 4.90 levels
- R is less than 10%
- Strategy-to-buy (DYOR) – Suggest waiting for successful breakout of counter-trendline before plotting entry if comfortable with strong overhead resistance zone
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HLS
- Previous analysis was done on 31 Aug (red arrow) -> recommended caution and suggested to wait for successful breakout of strong resistance zone at 5.15-5.35 levels
- Since then, the stock has created multiple LHs and is now trading at the 4.57 support levels (blue dash line)
- A counter-trendline resistance has also formed (purple dotted line)
- Buying at a support can be a strategy that some traders used
- As a Trend Follower, I prefer if the stock can prove itself by breaking out from the counter-trendline first
- A successful breakout looks to be around 4.90 levels
- R is less than 10%
- Strategy-to-buy (DYOR) – Suggest waiting for successful breakout of counter-trendline before plotting entry if comfortable with strong overhead resistance zone