MONI

Hi Remo,

Watching it closely and on further inspection would you say there is a bearish engulfing pattern?

1. There is clear a down day which totally covers the previous candlestick
2. Engulfing pattern at the top of trend
3. No sure how to confirm a turn in trend?
4. Would you say there is a divergence on the RSI?

amin wrote: Hi Remo,

Thanks for your advise.

As this share is at all time high and in blue sky territory how do you judge where the turning is going to be and will start retracing? Do you look at other indicators?

Hi amin
.Theres a few ways people try and judge this.You could look for divergence as a clue to a change in direction ,If you look at the previous chart i posted you can see a divergence in the rsi. but you should never second guess as its always harder with shares in blue sky territory.
another way to work out a possible turning point is via fib projections as that can give you an idea where the sellers may look to take profits. You could also look at conventional targets as a place for turning as well.These can be from trading range or triangle targets. There are a few things you can look for. Theres more obviously.
Bottom line is ...Follow the trend and you should be ok. SO trying to catch a turning point is basically suicide. You should never try and guess a top as your going against the trend and that is a big no no in trading. Only gamblers try and catch a top Unless your day trading and look to close out the trade quickly.

Hi Remo,

Thanks for your advise.

As this share is at all time high and in blue sky territory how do you judge where the turning is going to be and will start retracing? Do you look at other indicators?

Hi amin
Chasing is not a good idea
If you were to invest in this company then wait for a retrace. Your 48p for an entry is a good area.
Look to the supports for entry.
supports: 50,,,48,,43.75(strong)
Currently this share would be risky to buy at these levels as they are at all time highs. So you would look to enter on a retrace.
good luck


dl.dropboxusercontent.com/u/4899609/moni11thsept.png

I'm looking for an entry for Monitise, the share has shot up in recent days and do not want to chase it.

I was think of 48p for an entry, any views, sorry no chart.

Thanks
.amin