Interesting day in the market - spotted the bear trend and am happy with the market structure up till 55 minutes ago when things have become slightly more complicated. Will I call a lower low? I think I am inclined to say so.
Anyhow, back to day trading thoughts.
I mentioned a few days ago that a high probability trades in AGS and MAU were on the cards.
AGS has been rather disappointing although its market structure is still poised in the "bullish" direction. I maintain my stop loss position as I mentioned previously although I think if the stock doesn't hold 0.65, the trade is less likely to be profitable in the short term.
MAU is still in the bullish trend that I talked about. It is still a high probability setup although it has already picked up 30% since that point. I am looking at 0.50 to be a psychological barrier as the stock is currently trading at it's highest point. In terms of valuation, I am not going to throw numbers here as anything can be rigged with proper use of discount rates and project life cover ratios.
Another stock that is currently gaining my attention is CXY. Not a high probability setup just yet but I would suggest keeping this on your watchlist.
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