A price action above 1029 supports a bullish trend direction.
Negate the bullish bias for a break below 996 (stop-loss).
Increase long exposure for a break above 1069.
Upside target is at 1165 (upper range of the linear regression channel pattern.
When a stock is building a base just above its 200-day simple moving average, it can sugegst a potential bullish trend...
Buy United Utilities (UU.L)
United Utilities Group plc, the United Kingdom's largest listed water company, was founded in 1995 as a result of the merger of North West Water and NORWEB. The group manages the regulated water and wastewater network in North West England, which includes Cumbria, Cheshire, Greater Manchester, Lancashire and Merseyside, which have a...
Posted a long on this a while back and now as it approaches the 900 -1000 mark it should be a good place to look for selling this with very good potential!
Looking at RSI and MACD alone shows how this has a very high chance to drop sharply over the next few days. The ending 5th wave diagonal precedes sharp reversals.
There is a chance for stock to make one more drop, but I am expecting this to break out of the narrowing wedge and retest the 820 area as a 1st target.
Thursday’s Bullish outside/bullish engulfing candle lacks follow through given the prices have dropped today.
A weak closing today would mark the failure of the Thursday’s bullish candle and open doors for a sell-off to 860 levels over the next week.
Hi all,
I only take positions on the daily/weekly chart when trading equity as they are not open 24/7 and I find my win rate is higher historically. I have taken this setup.
Reasons to go long
- 200 MA is being respected
- support at 889 level
- ascending channel touches support level at the 889 level
- candle on the 12/12/2016 broke above previous weeks...
