Welcome to RiskMastery's Breakout Stocks - Stocks with breakout potential.
In this edition, we'll be looking at ASX:GEM ...
I believe this code is at a point of potential volatility.
If price can hold above $1.245 ... Bullish potential may be unlocked.
My key upside targets include:
- $1.335 (Conservative)
- $1.535 (Medium)
- $1.715 (Aggressive)
...
ENTRY: 1.230
SL: 1.155
TP: 1.305
- ADX>25
- Daily RS +ve
- Daily FFI +ve
- Weekly RS -ve
- Weekly FFI +ve
- Moving averages are aligned.
- Would like Stoch RSI to cross up 20.
- Entry based on controlled pullback until 8 Feb 2023 to resistance-turn-support area (1.200) and rebounded with increasing volume.
GEM is looking interesting. Has successfully broken through and started to build support above the $3 ceiling. Nice big profitable company that had a $4.70 price tag in the past. One to watch.
Only word of warning is its a bit gappy on the buy side in the market depth queue. Would be nice to see more buyers lined up with a closer spread.
G8 Education Limited...
broke 200ma and gives a higher high.
cautiously optemistic on one of the few stocks to be making gains.
a few level resistance lines to break but increasing volumes on higher prices and strong candles appear promising.
I would annticipate a struggle here (higher low) before higher prices.
Price has been above the clouds for 3 days. Tenkan-sen line crosses Kijun-sen line to the upside. However, stochastic is at overbought zone. The price is likely to retrace back prior to moving up. Watch for resistance level at $2.71. Price will keep moving higher if it breaks above this resistance level.
GEM at a key point here. Strong Resistance since 2015 at 4.20 level. If it can push through here on decent volume then should be able to really move. Nice pivot entry available earlier this morning at 4.16-4.17
