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What is termed as a true golden cross is going to transpire in the daily chart. This is when the 100d MA forms a bullish crossover with the 200d MA. This is usually an indication that the downtrend is well and truly behind us and any pull back to support is an opportunity to add to or initiate long positions.
A pull back could well happen. The rising price in recent session has not been accompanied by higher volumes. Indeed, the MACD might see a lower high forming, signalling a weakening positive momentum. In fact, a negative divergence could form.
A successful breakout would see the first upside target at $1.83.
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4 comments:
Hi Ak71,
Just want to ask, are you using your broker account's buy limit or cash top-up/upfront to buy your shares?
i doubt a sideway movement will happen. I expect a drop more than the value of the dividends. When the bears sell CMA, I notice its usually furious selling.
Hi INVS 2.0,
I have two accounts, a cash account and a margin account. I hardly use the latter.
Hi Ray,
I tried to use the same type of analysis with REITs a few weeks ago, expecting their unit prices to fall upon XD but, unfortunately, it did not happen.
It is OK to have expectations but let us be prepared that we could be disappointed. ;)
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