Polyplex - Major Bull Cycle or Pullback ?
Polyplex has been undergoing corrections since April 2022. It appears that Polyplex has completed its major bear cycle in the form of a zigzag correction (ABC). The minor wave 5 of wave C concluded around the 760 levels. Subsequently, there was a sharp bounce accompanied by increased volume, which supported our theory of the bearish trend coming to an end. Following the bounce, there was a retracement back to the initial level to create a double bottom pattern. Additionally, a clear RSI divergence is visible on the daily chart.
Whether this marks the beginning of a new bullish trend or a temporary pullback, the stock could potentially bounce to the 1130 levels due to strong price action. Another reason to consider this trade is the favorable risk-reward ratio of 1:2.3. The wave counts, stop loss, and target levels are all indicated on the chart.
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
Whether this marks the beginning of a new bullish trend or a temporary pullback, the stock could potentially bounce to the 1130 levels due to strong price action. Another reason to consider this trade is the favorable risk-reward ratio of 1:2.3. The wave counts, stop loss, and target levels are all indicated on the chart.
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
Uwaga
The stock has exhibited the expected behavior, aligning with our predictions. Additionally, it is currently displaying a breakout pattern in the form of a W shape. We should observe whether it surpasses the 970 mark by the end of today, as this would confirm our initial assumptions of wave C completion. However, considering that the stock has already experienced a 13% movement, it would not be advisable to add to our position at this point. It would be prudent to wait for a period of consolidation and assess any potential risk-reward opportunities that may arise. I will provide you with updates accordingly.Transakcja zamknięta: osiągnięto wyznaczony cel
The target for the Stock has been met successfully. A risk to reward ratio exceeding 1:2 has been achieved. Upon the breakout of the H&S pattern currently forming, we can consider planning another entry, potentially leading to a rally up to 1600. I will provide updates for a new entry opportunity with low risk and high reward.
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Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.