AU BANK after range trading between 530-690 for nearly two years, finally broke out of the rectangle box.
Back tested and held 730 level so far.
This is again bull flagging - price moving in a box 730-795.
Anyone not in this already, can wait for it either back test 730 and if held, go long or wait for 795 break to go long.
Break above 795 will give us 850 as first target and above that we have 900 and 1000 levels
On the downside, if we lose 730, we test 700/695 levels which should hold. If we dont, then we go back into the box where it range traded for 2 years.
Back tested and held 730 level so far.
This is again bull flagging - price moving in a box 730-795.
Anyone not in this already, can wait for it either back test 730 and if held, go long or wait for 795 break to go long.
Break above 795 will give us 850 as first target and above that we have 900 and 1000 levels
On the downside, if we lose 730, we test 700/695 levels which should hold. If we dont, then we go back into the box where it range traded for 2 years.
Trade active:
nicely held the levels.. will scale out some at 750 to secure profits and run with the remaining
Comment:
On the weekly, this is a perfect breakout and restest. Held the levels nicely. Now as long as 730 is not lost on the day, expecting 800 and upwards as mentioned earlier.
We are now testing the previous box top, looks to be holding that support level of 695 for now.
Initiating long at this lvl with a STOP of 689