Saudee Group BHD is ready to break $0.570 and go to $0.600/$0.650/$0.730

Executive’s Summary

Today volume kick in with long candle and is price moving up, this is a very positive bullish signal. The resistance $0.545 was removed and price without look back!!! It is a strong evident to show aggressiveness of bull to remove immediate resistance on $ 0.570.

I am anticipate immediate resistance will be remove easily by trader, which give way to stock price moving to the target of $0.730( Base on Elliot wave 3 target)

Along the journey we may face resistance at $ 0.600/0.650, Once $0.650 resistance successfully remove, this stock is in uncharted territory and carry extremely bullish implication, the target is $0.730/$0.835.

My trade plan

Early Stop loss < $0.540
Late Stop loss  < $0.515
Partial Profit taking take place at:
1^st: $0.600
2^nd $0.650
Full profit taking take place at:
3^rd #0.730
I will apply trailing Stop after partial target hit.

 

Technical Justification (Bullish).

1. Elliot Wave count was suggested three consecutive Impulse wave degree were showed uptrend, there wave 5/3/3.  Long term wave 5 target = $0.740, Med Term wave 3 target = $ 0.730 and short term target is $0.725.

 

2. The recent retracement is less than 61.8% of fibo level, when the ABC/Wave 123 breakout trigger's  momentum to go reach min 100% extension or 161.8%.

3. MACD cross over below 0 and the Histogram showed bullish convergent.

4.DNA CALL BUY

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