Enter: 10.43 Take Profit: 11.10 (6.42%) Stop Loss: 9.80
$INDI had a Head & Shoulders Pattern in the past which it obeyed successfully. Now we are in the end of a Bullish Pennant pattern. I hope it fires up soon. Analyst targets on it are: - $14 - $18 I have 1000 shares @9.51
Using the STXIND as a proxy for the industrial index to get an indication of volume it looks like the industrial stocks on the JSE are being distributed. We have seen an upthrust and sign of weakness (SOW) with increased volume on the declines and no interest in the increases. Price has held below the 200 SMA and Yearly Pivot Point. We are now looking for a break...
WATCH THE MOVING AVERAGES CLOSELY. DROPPED LAST TIME THIS HAPPENED! XRP in a nice channel for easy small profits in the meantime. I wanted to address the 50 MA that is about to pass the 200 ma. Last time this happened you could see tension building with volume and the closing of the pattern. This time around it will do the same thing and not quite cross one...
This is only post for information, not for trade. I have mentioned the support which may react.