Old Mutual: Bears Reaching End of Channel

Old Mutual is seeking a low on the long-term time frame. Currently bouncing off support. More risk accepting investors can accumulate at these levels as weekly swing low is confirmed, longer term traders can wait for a swing low confirmation on a monthly basis. The target profit from this move is at least 25% at which point a downtrend can be expected to resume targeting a break of support before finding the ultimate bottom in 2023.

Commento:

Old Mutual missed confirming a monthly swing low by 1 cent, however after backtest of the falling wedge it broke out of, I expect price to move higher. This is a good area to enter.

Commento:

Old Mutual missed the profit objective only managing 21%, we now watch how this pullback terminates, ideally an option to buy again at weekly low point will allow scaling in if one had not taken profit.

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