Hi TS,
I wouldn't take a long position for the following technical reasons (my view is purely technical i dunno nothing about its fundamentals)
1. Recent gap down
2. Close below 200 DMA
3. 123 high breakout to the downside on 4H chart with LLs
4. Before the gap down there was a Bearish engulfing candle ....since then there has not been any bullish candlestick formation
5. recent fall was with a rising volume....it gapped down on 22nd feb with a massive volume of 29 M which is 10 times its average volume
I understand your order is at 27p with a SL at 24p with an initial target of 33p (gap) and then 38p (previous high) which would give you a R:R of 1:2 or 1:4 which is excellent....but should you not wait for some sort of confirmation (eg a bullish candle) before considering a buy order at 27p?
Hoping for a trendline bounce + speculation on good fundamentals = catching a falling knife for me!
Topic Author