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$4.60 senex energy limited

SXY - tricky to trade successfully but ticking all the boxes, page-2

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Greynomad73

306 Posts.

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21/09/20

11:05

Post #: 47497708
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Originally posted by Greynomad73: ↑

SXY is a tricky stock to trade profitably and over the years I've had a few wins and a few losses - so I treat SXY with caution. It has broken above a downtrend, made a new uptrend (from point marked with small red down arrow) and making higher lows and highs. Add on a resistance break pattern confirmed today with a target of $0.35 and SXY has ticked all the boxes on my checklist. Elliott Wave count could be Wave 3 which is another plus as Wave 3 is the longest and strongest rising wave.
For anyone into Time Theory the vertical lines are time lines and SXY seems to respect these very well with price having turned close to most.

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And today SXY hit it's target so I've sold to pocket the profit. It may go higher but I'd rather get out now and wait for another short-term opportunity. Price went exactly to target - something as a chartist I'm always chuffed to see.

SXY Price at posting: 33.0¢ Sentiment: None Disclosure: Not Held
6 Upvote

0 Great analysis

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