My favorite CHANNEL - downtrend
After the Class A bearish divergence in late July, this Oil Pipeline stock was in a bear mood.
The price broke out of the downtrend channel on intraday.
Why i am abit bullish:
1. Price fall too fast and far away from 8ema (bears are absolutely despair)
2. The downtrend channel looks respectably valid.
3. Though MACD line are widely apart, there is a little MACD bullish divergence happening
4. So using a 15mins chart, i was able to identify a double RSI bullish divergence that let me buy at 71.01 though not at the lowest.
Target 76-77
Stop loss: 70
P.S. at the time of my long trade, the hammer is not completed yet.
And i do not follow textbook risk/reward and stop loss strictly.
After the Class A bearish divergence in late July, this Oil Pipeline stock was in a bear mood.
The price broke out of the downtrend channel on intraday.
Why i am abit bullish:
1. Price fall too fast and far away from 8ema (bears are absolutely despair)
2. The downtrend channel looks respectably valid.
3. Though MACD line are widely apart, there is a little MACD bullish divergence happening
4. So using a 15mins chart, i was able to identify a double RSI bullish divergence that let me buy at 71.01 though not at the lowest.
Target 76-77
Stop loss: 70
P.S. at the time of my long trade, the hammer is not completed yet.
And i do not follow textbook risk/reward and stop loss strictly.