Been getting a few buy signals on SHP daily now with my strat, but the massive volume spike on 14th had me a bit worried. Want to see if there is a bounce off support at around 15850. Any inputs would be welcome?
I don't buy on volume spikes, just this one made me worried before I entered the trade. I determine primary trend (21/89EMA), wait for mini reversal trend(7/21EMA), than look for oversold on RSI (10) and enter on a engulfing, hammer.
according to my analysis, its not a buy yet(trading)...if we see a move beyond 164, the stop would be at around 160.A buy now would put the stop at about 136. I personally would wait for a move to about 170, with stop at about 160. A move to about 136-140 will be my level for investing.
Think I am going to take a stab at it, if I do get a proper buy signal. If it does break the 170 level that would be even better. Should mention though that I do use Warrants as a trading mechanism. Probably allot of people going cross eyed after reading this, but there is allot more flexibility than with a SSF and CFD. I determine my risk/reward from the warrant price and determine stops and targets from underlying instrument.. Also allows me to use allot less capital.. Going to be using SHPSBE for this specific trade.
Guys this is what I am seeing: If it can't push back above the symmetrical triangle of around 159 again this is looking very bearish as the lower lows show. Then if 154 support doesn't hold I am seeing a 20 to even 40 drop here. The longer term chart of around 2 years could be a bull flag, thoughts?