TUGS rebound from support

Harbor Star Shipping Services, Inc.

TUGS on a rebound from its immediate support area around 3.16 ~ 3.24.
- Immediate trend along the recent uptrend price channel has been broken already.
- With the recent rebound from MA50 around the support area, monitor for a new trend to develop.

*Still be cautious of pullback (back to recent breakdown area) followed by breakdown continuation..

Trading Plan
- Can initiate a new trend trading position using MA50 as trend following indicator.
- Stop-loss/Trailing-stop on a few points breakdown from MA50


Comments

Post a Comment

Popular posts from this blog

JFC price action analysis

Image
Jollibee Foods Corporation JFC is potentially forming a Bearish Butterfly harmonic pattern with PRZ (Potential Reversal Zone) around 229.80 (228.80~231.50 range).  In the short term, it will need to break the immediate resistance around 220 to give it higher probability of completing the harmonic pattern. The price action yesterday fails to break at close the immediate resistance at 220 and potentially formed up a Shooting Star candlestick pattern (considered a trend reversal pattern on confirmation). Trading Plan - Avoid for now if you are not in a trade yet. - The PRZ area is a potential profit taking zone.
Read more

SMC price action analysis

Image
San Miguel Corporation SMC is recently trading near its immediate support area including the 19-month uptrend line. Trading Plan - Potential buy near support with a stop-loss a few points below immediate support area (keep at least 1:2 risk/reward ratio, the higher the better).
Read more