Graphite, buying pressure around lower median line
Updated
Graphite made a strong bullish engulfing candle on good volume after consolidating for last few days around the lower median line of the pitchfork.
1. price is above long term moving average of 200SMA ✔
2. Price is not above short term moving average of 50 SMA ❌
3. Uptick in RSI ✔
4. bullish MACD signal✔
5. above average volume✔
Target is the central median line. Price penetrating and closing below the lower median line of the pitchfork on consecutive days will mean the idea has failed.
**I will be posting ideas for my own journal-ing and learning sake and to hopefully spark up educational discussions. Please do not construe them as recommendations as I am just an amateur here to learn :)
1. price is above long term moving average of 200SMA ✔
2. Price is not above short term moving average of 50 SMA ❌
3. Uptick in RSI ✔
4. bullish MACD signal✔
5. above average volume✔
Target is the central median line. Price penetrating and closing below the lower median line of the pitchfork on consecutive days will mean the idea has failed.
**I will be posting ideas for my own journal-ing and learning sake and to hopefully spark up educational discussions. Please do not construe them as recommendations as I am just an amateur here to learn :)
Trade active
Target: 660, 675SL: 579
Trade closed: stop reached
SL hit
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