Polyplex - Major Bull Cycle or Pullback ?
Polyplex has been undergoing corrections since April 2022. It appears that Polyplex has completed its major bear cycle in the form of a zigzag correction (ABC). The minor wave 5 of wave C concluded around the 760 levels. Subsequently, there was a sharp bounce accompanied by increased volume, which supported our theory of the bearish trend coming to an end. Following the bounce, there was a retracement back to the initial level to create a double bottom pattern. Additionally, a clear RSI divergence is visible on the daily chart.
Whether this marks the beginning of a new bullish trend or a temporary pullback, the stock could potentially bounce to the 1130 levels due to strong price action. Another reason to consider this trade is the favorable risk-reward ratio of 1:2.3. The wave counts, stop loss, and target levels are all indicated on the chart.
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
Whether this marks the beginning of a new bullish trend or a temporary pullback, the stock could potentially bounce to the 1130 levels due to strong price action. Another reason to consider this trade is the favorable risk-reward ratio of 1:2.3. The wave counts, stop loss, and target levels are all indicated on the chart.
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
הערה
The stock has exhibited the expected behavior, aligning with our predictions. Additionally, it is currently displaying a breakout pattern in the form of a W shape. We should observe whether it surpasses the 970 mark by the end of today, as this would confirm our initial assumptions of wave C completion. However, considering that the stock has already experienced a 13% movement, it would not be advisable to add to our position at this point. It would be prudent to wait for a period of consolidation and assess any potential risk-reward opportunities that may arise. I will provide you with updates accordingly.עסקה סגורה: היעד הושג
The target for the Stock has been met successfully. A risk to reward ratio exceeding 1:2 has been achieved. Upon the breakout of the H&S pattern currently forming, we can consider planning another entry, potentially leading to a rally up to 1600. I will provide updates for a new entry opportunity with low risk and high reward.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.