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.