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rutt

REA ripe to break through the 200 EMA and head to new highs.

Long
REA GROUP LTD (ASX:REA)  
rutt Updated   
ASX:REA   REA GROUP LTD
Technical Indicators 200ma Earnings
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indicator 200ma earnings
200 EMA has acted as major support for the last 18 + months. The 200 EMA finally gets broken late 2018. IMO this was due to a sell off of high P/E stocks and banking royal commission commentary.The 200 EMA was looking to break back through just before CEO steps down. This resulted in a retracemet and a range bound channel formation. Conclusion: High probability that if we break back through the 200 EMA we see new highs $95+.
Comment:
Not playing out exactly as scripted, strong resistance has formed around $82.50. On a positive REA Looks to now be making higher lows. An entry on any pullback from the $82.50 test looks ideal. Also a bullish ascending triangle may be forming. Med probabilty to break out soon. Also REA had only one real imminent threat to their business model and that was purple bricks, yesterday news broke that they have gone belly up in Aus. t
snapshot
Comment:
Trade closed: target reached:
Happy days. Target reached a little quicker than anticipated. Jumped in at $78 full Profits taken at $97
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