CIM might easily be playing tricks on me, but if not... potentially a serious holder, similar to other emerging trend trades in my profile(MTG,TOL,A, etc). fingers crossed.
Lots of built-up potential with a strong eager will shown to emerge and break the major resistance early, i mention early as usually there are signs which should take place prior to the current marked entry, not having them and seeing the current significant-mature behavior can justify a very strong momentum which might be shown soon and a new significant trend can emerge.
A very high potential with strangely too-good positive action, .
This is a clear head and shoulders pattern, which is very likely going to result in the trend drawn above.
Benny.Atia
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@joshmalin1, Thanks for the reply, now after it unfolded further the trade looks much more mature, should update the trendline though.
AlexashaVas
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What do you think about the breaking out of the trend you drew?
Benny.Atia
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@AlexashaVas, Hi, after last month's bar close showing some downward action still present, i found it reasonable for the price to be able to test lower price levels. January candle is not close yet so its not yet a breakout.
for every day passing and volume keeps going lower it raises the chances for January to close as false-break candle, if i was not in the position i might enter now after a successful test from the current 17.80-18.10 area.
Benny.Atia
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@Benny.Atia, P.s, should also add that of course if it closes lower there is the stop zone, no need to fight the trade.
Good luck, keep in touch.