Jhol01

Entry to go long? (1443 GPX)

Long
LSE:SSE   SSE PLC ORD 50P
209 views
2
Hi guys. Im very new to trading and investing using a demo account at the moment. Im trying out some technical analysis and have an interest to invest when im confident. Here is an idea I have for a long term investment for SSE . Im confident we will see a continuation in the bullish trend for SSE and Equinor following their joint venture project, Doggerbank wind farm on the North East coast. Its due to undergo phase 1 of 3 construction phases this year (2021) and will be the largest offshore wind farm in the world when completed, with a lifespan of 25 years. (I only wish I invested sooner, when I first researched the development back in mid 2020)

This analysis is to just find the best entry position. We can already see a bull trend, that I expect to continue. Using the fibonacci retracement , I think we will see a pull back to a more desirable entry position at the 38.2% level (1443 GBX ), this is backed up by a previous level of support (highlighted along the green horizontal line). In addition the relative strength index is nearing the 30% level, at which point my entry point will be reached, and the bull will continue. Could it be worth placing a limit order at the 1443 level? or could we already be at the best point of entry? Would appreciate any thoughts on this or ways I could improve as like I said im very new and still learning.

P.S. I do not claim to be an expert in anyway, trade at your own risk.

Comment: Entry position was reached.

Comments

Hi there, congratulations on your first post and welcome to the TradingView Community. Hope you are enjoying it so far.

Chart looks good. Nice detailed analysis. Fingers crossed it goes as expected :)

Hope you have a great experience. It's fun!

Angus
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