IG Petro - Price rise in commodity
Phthalic Anhydride where IGPL is the market leader prices have shot up from 90's to 120 in the last week. The stock hasnt moved in the right direction yet..but the price is close to the channel bottom.
Ideally i'd like to see the stock make a double bottom around 400 with a triple positive RSI divergence before the upmove to confirm the bottom and maybe even show signs of a good sized upmove..
So long at either 400 when it bounces from there or above 430.
In the first case of a buy around 400 the SL can be below 385 where it breaks the channel bottom.
if got above 430 i'd buy 50% quantity to keep a similar deep SL.
Ideally i'd like to see the stock make a double bottom around 400 with a triple positive RSI divergence before the upmove to confirm the bottom and maybe even show signs of a good sized upmove..
So long at either 400 when it bounces from there or above 430.
In the first case of a buy around 400 the SL can be below 385 where it breaks the channel bottom.
if got above 430 i'd buy 50% quantity to keep a similar deep SL.
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