Aspen (APN): Potential Short Entry
The JSE being in an ambiguous phase of cycles, Aspen can be a good proposition to balance out the long positions. The short position is informed on the following:
1. Price went lower than 29 August (pink arrow)
2. The upper trendline is acting as a resistance now confirmed with 3 touches
A swing high confirmation is a good entry point with expectation to close the short position closer to the lower trendline, ideally should reach that point at the end of October.
A weekly close above the upper trendline is the stop-loss
1. Price went lower than 29 August (pink arrow)
2. The upper trendline is acting as a resistance now confirmed with 3 touches
A swing high confirmation is a good entry point with expectation to close the short position closer to the lower trendline, ideally should reach that point at the end of October.
A weekly close above the upper trendline is the stop-loss
Trade closed: stop reached:
Aspen has met the stop-loss criteria.
