AsimMirzaTrader

What goes up comes down - buy at $1.50 range

Short
AsimMirzaTrader Mis à jour   
ASX:AWC   ALUMINA LIMITED
Good stock to have in portfolio.

Looks pretty strong in monthly and weekly charts but daily charts tells little more.

doesn't look bull will able to take it further upwards.

I think it's going to give good buying opportunity at $1.60 - $1.50 range. Where volume provides good support.

even if 1.50 support fails, there is strong support at around $1.43 range.

We can buy based on specified two zone:

1. Buy Zone - 1: 50%
2. Buy Zone - 2: 50%


Please note these are my own notes for future reference, by no means trading advise to anyone. Please do your own research before entering into any trade.
Commentaire:
Bearish candle printed. Expecting to pull back.
Commentaire:
Daily Bearish Candle formed. Expecting it to pull back.
Commentaire:
Price being rejected, as expected.
Commentaire:
Commentaire:
Price Action on AWC indicates that price had been rejected and it wants to pull back. I have my Buy Zone ready between $1.640 - $1.720 range where I will be looking for Bullish Price Action to take a buy position.
Commentaire:
Commentaire:
AWC has been coming down as expected, and I think it should give a good buying opportunity in the Green Box (Buy Zone) of $1.580 -$ 1.660. Lets see how it behaves in that Green Box.
Commentaire:
Commentaire:
AWC pulling back as expected, and I think it should give a good buying opportunity in the Green Box (Buy Zone) of $1.580 -$ 1.660. There is also High Profile Volume Zone, Trendline Support and the 200SMA, many Confluences at the same level. Lets see how it behaves in that Green Box.
Commentaire:
Commentaire:
AWC is approaching my Buy Zone of $1.580 - $1.660 and the lower edge of the Channel. I am expecting a bounce off this support. My trade plan would be to take a buy position after Bullish Price Action, targeting the Highs of $1.945, ( a potential 18% gain) with a stop below the lows.

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