MOIL formed a falling wedge on daily chart. With multiple support and resistance tested. It had a strong breakout today with good volume. Also notice the volume when the price falls, it appears as if sellers are dried out. Moreover could notice spikes of volume and runups. Gives good indication that bulls are out there. Given the larger move today, stop loss can be held just below todays low and target at 52 week high. Not the best risk reward setup but you would never know.
If you like this idea, please boost the idea else leave a comment below on your thought. I'll be glad to know your view on this chart. Otherwise happy trading :-)
If you like this idea, please boost the idea else leave a comment below on your thought. I'll be glad to know your view on this chart. Otherwise happy trading :-)
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros