Abstract：For the three months trading sessions of both the month of June, July and August, the 200 MA has acted as dynamic support band and the sellers have not been able to break and close conclusively below it. And we can see at that level there was 3 months of indecision and now a change of sentiment or direction by the buyers as we see August monthly candle being a green candle.
For the three months trading sessions of both the month of June, July and August, the 200 MA has acted as dynamic support band and the sellers have not been able to break and close conclusively below it. And we can see at that level there was 3 months of indecision and now a change of sentiment or direction by the buyers as we see August monthly candle being a green candle.
Monthly Chart;
There is a good short term buying opportunity with as we can view agreement or lining up of the same confluences and break out momentum in the same direction; that is on the monthly chart, the weekly chart and on the daily chart.
Weekly Chart;
Market Participants should be laying this out with limit orders or stop orders as there was a good start of this week of a breakout green candle on both Monday and Tuesday trading sessions past the 50MA.
Of course, ones discretion and risk management is advised.
[About the Author]
Jasper Njuguna is a financial markets trader. With cumulative 5
years experience trading the markets and out of which, one and a half
years of that as a prop trader, trading large and mid-cap American
equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, he have 9 years of
experience in senior management roles driving small to large business
development and B2B relations in creating and implementing; learning
& development solutions, programs, organizational strategies &
frameworks, and blended learning approaches for companies and
institutions in Africa.
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