Hi, I bought an initial entry parcel at the auction. I wouldn’t...

Hi, I bought an initial entry parcel at the auction. I wouldn’t normally do that looking at the recent 50/100DMA Death Cross, but did so mainly because the SPP is out of the way, which may be the key to the recent weakness and there are some signals the bottom is in or approaching with support at $1.36. It closed at the bottom of the Bollinger Band range (not shown) and just above 30% RSI. The bottom of the 2nd chart shows the MACD crossing the signal line earlier this month at an extremely negative level - it’s not bullish until it crosses zero, but crossing at an extreme often portends a reversal.
Current market conditions are volatile. My strategy is to buy in 3 parcels as follows:
- if $1.36 fails to hold, sit tight and wait for further buying opportunities only after an obvious reversal so I’m not catching a falling knife eg if it breaks back up through a new resistance level or the PSAR flips to Buy, then a final parcel once a more established trend emerges eg the 20DMA crosses back above the 50DMA.
- if $1.36 holds, look to average up in much the same way using the same technical indicators as above.
- if I just get lucky and there is an immediate price spike on news, sell into it, reset the dial.