Hope you all are having a great weekend. Few charts from my end as a little contribution.
SCU - have been watching and holding this for a while and tipped it in the STT comp last week before the volume/breakout happened on Thu.
Question to the TA gurus if you guys don't mind,
@Jnnl,
@slick,
@Patterns,
@mirren (apologies other TA experts that I missed, there are many here!) - the ugly red candle formed on Fri looks like a bearish engulfing candle and is usually a reversal/exhaustion signal I believe in a uptrend. How would you interpret/trade this scenario?
1) Considering this formed on lower volume (1/4th of the breakout candle on Thu), it closed the gap on Thu properly, and it touched the trend line break on low volume (i.e. backtesting the breakout?), do you buy @1.8c?
2) Or the engulfing candle is not pretty as it shows a lack of strength by the bulls, plus price is unable to close above 200MA/EMA hence sell or stay away?
3) or wait for a clear direction and prepare to pay higher price if need be once the direction is established?
4) Other....
SCU Weekly chart not broken yet
PRL - took a position after seeing the strength at 14c mark (last CR at 15c) post the pullback from the breakout. Currently moving sideways at a higher low on low volume and not re-testing the last trend line break, which I believe is a sign if strength. Plus, some FA items lining up as well - MOU with Total Eren to be finalised in 4 weeks, the MD of Total Eren speaking in a WA Conf on 5th Aug, lots of noise in WA regarding Hydrogen projects incl. Twiggy pegging all the land around PRL
SUD - tempted to take a position so many times at 6.4/6.5c, but waited to see how the pennant plays out, and it broke down. Now sitting at the previous pennant breakout line for support. If it reverses from here, it's a good signal I believe, otherwise at the risk of falling further to the 50EMA or even into the part of the gap below.
Watched many others and missed a few opportunities by playing it too safe....some times my risk risk management is my enemy
Ah well...there is always next week!
