Wesfarmers (WES) - bullish trade set up
Technical analysis -
1. Stock is in overall uptrend and making a series of higher high & higher lows
2. It broke the previous swing this time but not recovering well by making a rounding bottom pattern which indicates accumulation after shakeout happened to remove weaker hands
Trade set up -
1. Go long above rounding bottom neckline, which is 56.60 on closing basis
2. Closing below rounding bottom base line 53.70 could be your stop loss in this trade
3. Pattern has potential to touch the last swing high that is 67 and even make another high
All the best
1. Stock is in overall uptrend and making a series of higher high & higher lows
2. It broke the previous swing this time but not recovering well by making a rounding bottom pattern which indicates accumulation after shakeout happened to remove weaker hands
Trade set up -
1. Go long above rounding bottom neckline, which is 56.60 on closing basis
2. Closing below rounding bottom base line 53.70 could be your stop loss in this trade
3. Pattern has potential to touch the last swing high that is 67 and even make another high
All the best
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