Looking at these lines drawn all over, using the monthly ,weekly, daily, and 4-hour, we see that the shares are hitting a strong multi-decade support area and are trading at the bottom of several different channels. I think, that a buy at these levels, shows a significant margin of safety for future growth trends as Mexico will benefit from its proximity to the US and being a trade partner with the largest economy in the world.
Maybe I am wrong and this continues down another 15% to a point of huge support, or maybe it crashes through to levels not seen in decades. However, with a 15% stop loss from this period, you could see a potential 6:1 risk:reward in buying a position at these levels for a long-term swing trade.
Maybe I am wrong and this continues down another 15% to a point of huge support, or maybe it crashes through to levels not seen in decades. However, with a 15% stop loss from this period, you could see a potential 6:1 risk:reward in buying a position at these levels for a long-term swing trade.
Comment:
Screaming WEAKNESS here, don't see this pushing through the resistance channel.