Looking at a possible long on ASCL. We saw strong rejection from just above the 300 area which coincides with the 200ma. Financials look good. The only concern I have is the move up was on weak volume, could be a bull trap so ideally I want to see a further move up on high volume.
The perfect scenario would be another drop to 310 area where we could see a bounce. Volume is key for me in these sorts of trades as I want to see that demand from buyers.
No position yet, I will update this post if/when I take a position.
Stay tuned!
The perfect scenario would be another drop to 310 area where we could see a bounce. Volume is key for me in these sorts of trades as I want to see that demand from buyers.
No position yet, I will update this post if/when I take a position.
Stay tuned!
Comment:
Still no entry as of yet as price is treading water. Need to see push up on high volume for entry.