ALQ most recent pivot point low was $6.63 (Dec 7th). CBL = $6.73. This was first exceeded on Dec 11. Hence ~ $7.00 would be an aggressive entry. The more conservative trader would wait for ALQ to first trade above the 28-day EMA, which is currently at $7.16. An SMS or e-mail broker alert is the initial trigger to buy ALQ once price exceeds $7.16.
A 5-day / 28-day EMA crossover would be even more confirmation of a bullish reversal. We are potentially only 2 or 3 days from that happening.
MACD histogram and slow stochastic have both crossed up, hence short-term the momentum is up for now.
Given that price is currently below the 200-day EMA, some traders might consider this a somewhat higher risk entry. Reduced position size and/or tighter stop may be appropriate.
Excerpt from my daily ASX 500 trading diary.
(ACX_ALU_APT_APX_ASL_A2M_BKL_BSL_CWY_LVH_MLX_NWH_NXT_ORE_SDF_SYR)
Chart Req, page-8
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Last
$14.02 |
Change
-0.080(0.57%) |
Mkt cap ! $6.793B | |||
| Open | High | Low | Value | Volume |
| $14.01 | $14.12 | $13.98 | $10.61M | 754.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3068 | $14.02 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $14.11 | 206 | 3 |
View Market Depth
| Last trade - 16.10pm 01/11/2024 (20 minute delay) ? |
| ALQ (ASX) Chart |