6-Jan-2024 : Keeping it Simple with Price Action and Technical...

6-Jan-2024 : Keeping it Simple with Price Action and Technical Analysis

One Output of my Weekly Momentum Screener today - SRG Global.
My target is to look for stocks that have been in a downtrend and showing good momentum that "may persist" for a nice swing positional trade. I am testing my screener outputs, and appreciate any feedback/suggestions. This is not any recommendation and primarily for my own record and learning, and my analysis can have errors... so by default.. DYOR. I may or may not own these stocks.

Let's see what I can see on a Weekly SRG chart..
* The stock had been in an uptrend since 2022, hitting a high around Mar'23. It has since then been in a correction.
* The long-term trend remained high, with stock above 100 Weekly MA ( RED Line )
* It breached 100 EMA, hit a new low around .610, and since Oct'23 has been in an uptrend making higher lows
* In the Fib retracement, it is near .38 and if we see a resistance trend line, it has broken it this week.
* We can also see a Cup & Handle formation, and if it can hold above this neckline now, then the probability is high for it to start moving up and look at continuing its long up trend.