Cheers for sharing your thoughts and trading style for MYR!
I also like using horizontal support & resistance, although I have found trendlines have worked wonders for particular stocks so I feel I need to add them into analysis also
Wishing you the best here also let's see how MYR performs this week for more tell-tale signs @In2win
With MYR showing a super bullish shakeout attempt on Thursday off the back of Annual Report, we saw Friday having the stock price closing at an indecisive doji. We are soon about to find out what the Market Makers have decided on.
Below shows the Daily. I see an upward trendline that's held for the last few months despite several shakeout attempts. I personally wouldn't want to see this trendline breach as it has already tried & so far held. There would be no more reason to attempt yet another shake, as price action for Thursday was very strong, followed by a not so weak Friday.
Prices barely spiked, despite the big short position, nor did it sell down. Provided this DOJI is infact a bullish close above a trendline, it could respike the stock to retest 70c BUT ONLY if it breaks past 70c would the targets be upto $1.
P.S volumes last 2 days have turned up green. Up for interpretation. Is it shorts covering? Is it Solomon buying more on market? Nobody knows until way after the fact. Happy week ahead to all
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.
(20min delay)