Bearish potential detected for AFI

24 ago

Entry conditions:
(i) lower share price for AFI along with swing of DMI indicator towards bearishness and RSI downwards, and
(ii) observing market reaction around the share price of $7.32 (open of 11th August).

Depending on risk tolerance, the stop loss for the trade would be:
(i) above the potential prior resistance of $7.50 from the open of 28th July, or
(ii) above the potential prior resistance of $7.57 from the open of 21st July, or
(iii) above the previous swing high of $7.68 from 31st July.

30 ago

Nota

UPDATE (week ending 29-Aug): Trade is setting up nicely with DMI indicator and RSI heading in the right direction along with the lower share price, however we aren't getting a full indication of the market reaction to the share price of $7.32 as of yet. Patience appears to be key as we obtain some more data of the extent of potential support of this area against the potential short aspect of the trade. The daily chart suggests to wait and see market reaction at the beginning of next week as price action churns through this area.

6 set

Trade attivo

UPDATE (week ending 05-Sep): Trade activated on Tuesday 2nd September, with a close beneath the $7.32 support level, and continual trade beneath both the 10 and 30 day MA's towards the end of the trading week.

13 set

Nota

UPDATE (week ending 12-Sep): The downward drift in share price firmly took hold this week for AFI, with the charts suggesting to improve stops to a profitable/breakeven position slightly above the recent swing high of $7.30 from Monday/Tuesday, at the very least (in case of a sudden snapback in share price). Share price closed below 10 and 30 day MA's at the end of the trading week.

20 set

Nota

UPDATE (week ending 19-Sep): The downward trend continues to track along nicely for AFI at this stage. Charts suggest that aggressive traders could improve profitable stops further to an area slightly above the lower high of the candle of 15th September (i.e.: above $7.24) - otherwise, leave slightly above the recent swing high of $7.30 from 8th September.

3 giorni fa

Nota

UPDATE (week ending 26-Sep): Share price may be testing a prior support level of $7.16 from the open of 22nd May, which warrants caution for the bearish position and reinforces the previous improved profitable stops noted last week. Traders happy with their profits should consider taking a small portion off the table at the very least based upon the chart action.