Hello Pal Huge Trade Potential [PENNYSTOCK]
Diupdate
Right out of the gate I want to point out that if you are not a user of stop losses or alerts then this trade is probably not for you as this is an illiquid asset which carries much risk.
With that being, said if you are disciplined and experienced, then we have a very intriguing trade setup here in Hello Pal International. A stock with a very low marketcap that has appeared to be exiting a distribution phase that it has been in since March.. fast forward to August and it now appears to be entering an accumulation phase if a few of the following things hold true:
1) We hold support above the $0.4609 level. This is the key level to watch as this level would be significant if held as it corresponds to the .236 fibonacci retracement of the recent all time high all the way down its second lowest low in its history, put in last September. So the fact that price has climbed its way all the way back to the level it is at right now is no small feat and requires much attention from a bullish perspective.
2) We find ourselves right above the support of another .236 fib retracement level.. this retracement however corresponds with the all time high just down to the most recent swing low at $0.4259.
This is some nice bullish confluence that seems to suggest that HLLPF could be gearing up for a major run soon.
Exactly where we are right now just $0.5095 is a decent long area with the optimum long being inside of the buy zone in green.
This means you would be very wise to have stops just below $0.4259 area as things could get very volatile quickly if there is a daily candle close below this price point.
On the other hand if support is maintained here, you could be looking at a 35% gain before hitting the first real signficant level of resistance at around $0.7042.
Above that the next major resistance level would be the 50% fib retracement of the all time high to September low mentioned earlier. If that level is reached and held as support, there would not be much in its way until the common reversal area of the .786 fibonacci level.. all the way up near $1.46. If this price point is reached that would be a total of 180% approximately. And that is assuming that the asset puts in a bearish lower high. In other words, this could go much higher.
*EXPERIENCED TRADERS ONLY
**PLZ USE STOP LOSSES AND ALERTS
***NOT FINANCIAL ADVICE
With that being, said if you are disciplined and experienced, then we have a very intriguing trade setup here in Hello Pal International. A stock with a very low marketcap that has appeared to be exiting a distribution phase that it has been in since March.. fast forward to August and it now appears to be entering an accumulation phase if a few of the following things hold true:
1) We hold support above the $0.4609 level. This is the key level to watch as this level would be significant if held as it corresponds to the .236 fibonacci retracement of the recent all time high all the way down its second lowest low in its history, put in last September. So the fact that price has climbed its way all the way back to the level it is at right now is no small feat and requires much attention from a bullish perspective.
2) We find ourselves right above the support of another .236 fib retracement level.. this retracement however corresponds with the all time high just down to the most recent swing low at $0.4259.
This is some nice bullish confluence that seems to suggest that HLLPF could be gearing up for a major run soon.
Exactly where we are right now just $0.5095 is a decent long area with the optimum long being inside of the buy zone in green.
This means you would be very wise to have stops just below $0.4259 area as things could get very volatile quickly if there is a daily candle close below this price point.
On the other hand if support is maintained here, you could be looking at a 35% gain before hitting the first real signficant level of resistance at around $0.7042.
Above that the next major resistance level would be the 50% fib retracement of the all time high to September low mentioned earlier. If that level is reached and held as support, there would not be much in its way until the common reversal area of the .786 fibonacci level.. all the way up near $1.46. If this price point is reached that would be a total of 180% approximately. And that is assuming that the asset puts in a bearish lower high. In other words, this could go much higher.
*EXPERIENCED TRADERS ONLY
**PLZ USE STOP LOSSES AND ALERTS
***NOT FINANCIAL ADVICE
Catatan
HLLPF has dipped into our buy zone but that is not the reason for this update. The reason for this update is to go back if I am able to and amend something very important to this idea and that the importance of first having a capitulation before having any sort of clear edge for a long at the .236 Fibonacci retracement level and as we can see on this asset we have not had that yet.A breaking of the .236 fib level would be the ideal situation before seeking longs at our buy zone, HOWEVER, the levels are still to be expected in some form which makes this level manageable at least for stop losses if one was to take a trade. Its just important to understand that we do not buy falling knives, and that was important to point out in the idea.
I will continue to watch this and I do have a long open right now but I am leaning toward an expected break of the buy zone first, and then a bounce back into it which will then present an excellent long entry.
If price finds support here that is fine also I am not worried either way. I have my stop losses and my position is ready. I hope this provides additional value to anyone joining this trade as the information authored here is vital.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.