SUPERMX
SUPERMX Weekly Chart 10th Nov 09SUPERMX is setting up nicely for a classic pullback swing trade.
Its weekly chart showed a pattern of higher peaks and bottoms. All the price peaks were accompanied by higher volume and MACD. SUPERMX long term trend was clearly up.
SUPERMX Daily Chart 10th Nov 09
Its daily chart showed a pullback to the 20-day SMA line and 38.2% Fibonacci support line. From the price action these support level appeared to be holding. Should the support hold, I expect SUPERMX to test and likely to penetrate its all-time high at 4.04.
My plan was to buy at around 3.56 but SUPERMX gap opened at 3.60 and raced quickly to 3.67 within 10 minutes. I waited for a correction and was able to buy at 3.61.
My stop-loss is at 3.37, which is below 5th Nov 09 low. My swing target is at 4.36 and 4.97 based on 61.8% and 100% Fibonacci expansion respectively.
My plan was to buy at around 3.56 but SUPERMX gap opened at 3.60 and raced quickly to 3.67 within 10 minutes. I waited for a correction and was able to buy at 3.61.
My stop-loss is at 3.37, which is below 5th Nov 09 low. My swing target is at 4.36 and 4.97 based on 61.8% and 100% Fibonacci expansion respectively.
Disclaimer:
Trading and investment involves risk, including possible loss of principal and other losses. I shall not be responsible for any losses or loss profit resulting from trading or investment decision based on my posting and information presented in this blog.
wing target at 4.36 and 4.97 has been reached. I took partial profit at 4.37 but decided to let my profit run when 4.97 was hit today and protect my profit with Chandelier Exit
ReplyDeleteawesome blog...a3trading
ReplyDelete