ASX:SYR ready to play in the bullish club? ð§ĻðĻððĻ
ASX:SYR, has lost the enthusiasm of investors since the plunge from the 6$ levels. Everyone was thinking it is a dying stock. It dropped to the abyss towards 0.150$ during the Covid crash in March 2020. But is it time to reboot this dinosaur and prepare the entry for a multi-bagger potential speculation? Lets dive deep and analyze.
ASX:SYR has not been on my radars for quite a while as it was in a clear downtrend, but for the last 9 months, it seems to prepare for a well known bullish structure. that is none other than the Cup and Handle structure. This structure is inherently bullish and I am waiting to see it playing out before I open any long term position on this stock.
With current situation, this Cup and Handle would be playing out if the price was to break the 1.30$ levels but remember this can only be confirmed if the breakout volume is good enough and if the price stays above the 1.3$ levels.
For now, I am keeping this stock on my observation list and see what it does in next few weeks. From other Indicators point of view:
Weekly PSAR says we are in a bull trend. We are above 21 Weekly EMA, which is a good sign as well. RSI is in overbought territory which worries me a little bit. The stock is near its 52 weeks high this a sign of strength. This stock is over 140% above its 200MA this is over extended and entering requires to be very careful and play well with the SL.
I will keep an eye on this stock and will update you when I find anything interesting or if the structure is invalidated.
Lately I have not been sharing charts and some of you asked me what happened but I am gathering great structure that potentially can lead to juicy profits. Also I am waiting to see the clear direction of the major indexes as of now we seem to be in a choppy zone and that is not a great place to be trading. it is a place to strategize.
Stay safe and if you like this TA, smash the likes and share it with your friends.
XTF
ASX:SYR has not been on my radars for quite a while as it was in a clear downtrend, but for the last 9 months, it seems to prepare for a well known bullish structure. that is none other than the Cup and Handle structure. This structure is inherently bullish and I am waiting to see it playing out before I open any long term position on this stock.
With current situation, this Cup and Handle would be playing out if the price was to break the 1.30$ levels but remember this can only be confirmed if the breakout volume is good enough and if the price stays above the 1.3$ levels.
For now, I am keeping this stock on my observation list and see what it does in next few weeks. From other Indicators point of view:
Weekly PSAR says we are in a bull trend. We are above 21 Weekly EMA, which is a good sign as well. RSI is in overbought territory which worries me a little bit. The stock is near its 52 weeks high this a sign of strength. This stock is over 140% above its 200MA this is over extended and entering requires to be very careful and play well with the SL.
I will keep an eye on this stock and will update you when I find anything interesting or if the structure is invalidated.
Lately I have not been sharing charts and some of you asked me what happened but I am gathering great structure that potentially can lead to juicy profits. Also I am waiting to see the clear direction of the major indexes as of now we seem to be in a choppy zone and that is not a great place to be trading. it is a place to strategize.
Stay safe and if you like this TA, smash the likes and share it with your friends.
XTF