I stated my concern for the double top in one of my most recent posts, and it happened to also be in confluence with the height of the inverted H & S I also posted, but even I, in my trading days would have to see more confirmation to the downside for me to enter a sell trade.
From a trading point of view if you are looking at a dbl tp on the weekly then you would look for it to be confirmed by other indicators and more candles over the next week at least, as you are probably going to hold for a few weeks.
All that said if you were a more short term trader I would take into account the action on the four hourly chart and if I saw a break of the most recent low (32.5) then I would enter a sell with a first target of 29.0, but imo you would have to have balls of steel to do this taking into account the fundamentals of AGY, but to be a short term trader you normally have.
On the flip side I would give more credence to a close above 36.5, as at this point in TA you would have to take into account the fundamentals of a stock, which we have all stated are all positive.
Main rule of trading that we all have to remember is what we see, other traders do! In the trading forex world, this can be exploited by bots and bigger entities that can make market moves just to snaffle stop losses placed by smaller traders.
From an investment point of view (not trading) then a close above 36.5 would signal a good long term entry point IMO, but investors could wait to see if the dbl tp plays out as they may get a cheaper entry (pennie pinchers)
In summary, I couldn't care less of all the above as I am holding for the big bucks and imo the level of 36.5 will become a distant memory in the long term, but am enjoying sharing points of view with like minded people. GLA
AGY Price at posting:
34.5¢ Sentiment: Hold Disclosure: Held
