Glencore put in a double top back in March and April and since price has fallen 28%. Looking at Fib levels on the weekly chart price has now retraced 50% and has put in a hanging man candlestick on the weekly chart. The RSI is also dropping along with volume - making a short set up lucrative for the coming days/week.
Couple this with the fact that the UK 100 has...
McKeeson Breakout of ascending triangle.
Volume has dried up nicely as pattern has been forming.
In a good sector and breaking out to new all time highs.
Watching RSI and MACD for profit targets.
Breaking out on 25th of July was on above average volume giving more conviction behind the move.
STAN on the daily chart has put in a double top.
An inverted cup with handle pattern is forming down towards the 200 EMA.
Once price closes below the 200 EMA I will be looking for a short position. Around £5.40
Measured move (Size of Cup) will be my first profit target at £4.32 which is also an historical support level.
Stop initially at top of handle around £5.96.
HSBA poised for breakout of ascending triangle. Great risk to reward set up with stop just below 5.20. First profit target 6. Sell half and move stop to break even. Second half of trade risk free with target of 6.68.
Ascending triangle pattern poised for breakout. Entering on the break of 37.50 with a stop around 34.75. Taking first profits at 43.00 moving stop to break even then second profit at 45.70.
Glencore has held up well and been a decent performer over the recent bear market. However the chart looks like this trend could be about to reverse. Double top here on the daily with a potential head and shoulders pattern forming. Decent R:R ratio.
Hermes, showing bullish divergence on RSI. Has put in a double bottom and bounced off a trendline that's been in place since 2018. Tight stop at 1032 making for nice risk to reward with first TP at 1295 and second at 1550.
Hertz has been moving sideways really since February. Holding up well in overall bearish conditions. Now showing bullish divergence indicating that momentum could be about to turn. There is horizontal support around the $15 mark, making this a lovely risk to reward play. There is resistance around the $20 and $24 mark but this has plenty of range for a longer term...
Obviously overall market conditions will have a part to play in this trade. Relative Strength Index showing divergence on the daily indicating that a bullish reversal may be coming. Horizontal weekly support and channel support there to help the situation. MACD showing signs that it could turn positive soon, definitely one to watch. Will be looking for an entry on...
Holding weekly support. Support also holding at bottom of channel. Signs showing bullish reversal imminent. Place initial stop, be prepared for retest. If there is a retest, scale in and wait for momentum. Move stop to break even. Profit targets 1, 2, 3.
Typical head and shoulders pattern. Looking to sell once the neckline is broken and closed below. Confirmation on the following day when low of breakdown bar is broken. Profit 1 10.35 and move stop loss to break even. Profit 2 8.75.
If overall market continues to fall it may be worth holding a small position to see if profit target 3 can be hit.
USD/ZAR pair has been moving bullish over the last few weeks. Looking at the daily time frame. It is now consolidating in a bull flag right in the middle of the channel at resistance after retracing to the 0.618 fib level. With a good breakout of the bull flag resistance should be broken and become support.
I am looking to enter upon the break out and close above...
Continuation flag. Waiting from break out the flag pattern. Will enter on confirmation once the high of breakout candle is broken. Stop atm is around 11.50. Profit Target 1 then move stop to break even. Allow to run to profit target 2.
ANTO is in an uptrend in both weekly and monthly time frames. It has held its structure through the recent market volatility and is in a strong sector.
It has just bounced off the lower trend line and come from an oversold position.
I have taken a small position and am aiming for the top trendline on the chart over the coming days/weeks.
