SBLK support and Resistance
Trade here is
Entry $23.73 (Close of Friday 3, 2023)
StopLoss $23.04 which is $0.69 SL.
Target On Daily $25.32, On Rounded Bottom Pattern $29, Monthly Rounded Bottom $34 (Please expect some error in calculation)
For a lot of 100, SL $69.
Money to be Made $159
Risk:Reward: .69 : 1.59 (1:2.65) (On Daily)
Rationals:
1) Buyers entered at the support
2) Bullish Harami Pattern at the support
3) Rounded Bottom Pattern
4) bouncing from 20 DMA
5) Comparative RSI is above SPY on Daily and Weekly.
6) Coppock Curve about 0
Not in favor:
short term trend lines should push selling pressure at $24.01 and $24.34
PS: I am new to technical analysis. I am publishing my analysis in a hope to get your constructive feed back and ideas to improve via your comments and likes. Please do your own analysis to make your investment decision.
Entry $23.73 (Close of Friday 3, 2023)
StopLoss $23.04 which is $0.69 SL.
Target On Daily $25.32, On Rounded Bottom Pattern $29, Monthly Rounded Bottom $34 (Please expect some error in calculation)
For a lot of 100, SL $69.
Money to be Made $159
Risk:Reward: .69 : 1.59 (1:2.65) (On Daily)
Rationals:
1) Buyers entered at the support
2) Bullish Harami Pattern at the support
3) Rounded Bottom Pattern
4) bouncing from 20 DMA
5) Comparative RSI is above SPY on Daily and Weekly.
6) Coppock Curve about 0
Not in favor:
short term trend lines should push selling pressure at $24.01 and $24.34
PS: I am new to technical analysis. I am publishing my analysis in a hope to get your constructive feed back and ideas to improve via your comments and likes. Please do your own analysis to make your investment decision.
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