6-Jan-2024 : Keeping it Simple with Price Action and Technical Analysis
One Output of myWeekly Momentum Screener today-SRG Global. My target is to look for stocks that have been in a downtrend and showing good momentum that "may persist" for a nice swing positional trade. I am testing my screener outputs, and appreciate any feedback/suggestions. This is not any recommendation and primarily for my own record and learning, and my analysis can have errors... so by default.. DYOR. I may or may not own these stocks.
Let's see what I can see on a Weekly SRG chart.. * The stock had been in an uptrend since 2022, hitting a high around Mar'23. It has since then been in a correction. * The long-term trend remained high, with stock above 100 Weekly MA ( RED Line ) * It breached 100 EMA, hit a new low around .610, and since Oct'23 has been in an uptrend making higher lows * In the Fib retracement, it is near .38 and if we see a resistance trend line, it has broken it this week. * We can also see a Cup & Handle formation, and if it can hold above this neckline now, then the probability is high for it to start moving up and look at continuing its long up trend.
SRG Price at posting:
69.5¢ Sentiment: Buy Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
I may or may not own these stocks.
(20min delay)