Buying dip in Alrosa #2020/7

The week is far from being over and it is the middle of the month. So basing my trade on W and M charts are a bit premature. However, broad bullish sentiment that moved SPX500USD , USOIL , XCUUSD , XAUUSD etc. make me conclude that ALRS being a mining company is also moving to new highs or forming a bullish pennant.

Risk - 0,24% of my capital
TIme horizon: approx 6 months
Exit strategy: close 50% of the position at 107.6, move SL to 0 loss and wait for the pennant to confirm before adding
I will consider adding midway if there is welcoming price action.

Trade closed: stop reached:

Unless price suddenly recovers to form a reversal pattern there is no rationale to hold on to the trade.

Comment: