Executive Summary
Opcom seeked bottom at $ 0.55 and trending side-way as of now, it should trading toward bullish trend and may start very soon, the statement I make were supported by technical and Fundamental justification. I was committed at $0.750-$0.760 on 1st/OCT/2015 and I am anticipated most probability it will breakaway from immediate resistance at $0.815 and move to target of $0.970/$1.14 in 4-8 weeks period of time. Traders may make trade along the wave up and benefited on the upcoming move, I will lock partial profit and apply trailing stop along the resistance line @ $0.815/$0.900/$0.970/$1.05. Immediate support at $0.730, Strong support at $0.720/$0.690. Stop loss if trade below $0.660.
Technical Justification( Pattern, Harmonic and Elliott wave trading)
1. Forming Cup and Handler, Probability of breakout away from $0.815 is high chance, which will promote more buyers commit to the trade as Cup and Handler Breakout target is $0.970
2. Flag Pole was formed on 15th of Sept with substantial volume kicked in, consolidate was taken placed for two week which was formed Flag(pattern trading) or ABC Zig Zag(Elliott wave), Friday was breakaway from the Flag formation , it is indicate correction was ended, impulse wave kick in which will motive more traders to commit to the trade which may breakaway from $0.815 and move to target $ 0.975/$1.12.
3. Formed Shark pattered and found bottom at $0.550(ABC), to complete the pattern price will reach at $0.900/$1.10 and $1.30
4. Volume profile overlay show trade below 70% distribution range, which means accumulation ongoing, once it trade above $0.870, it will pulling attention and I do expect price and volume more retail will participate and price show fast accelerated which may good time to lock profit.
5.Triangle formation, now trade within triangle.I am anticipate it should breakaway from it
6. Wave 2 ended with correction c and wave 3 is kick in and heading to $1.00
Technical Justification(Indicator)
1. RSI rebound above 50, it carry bullish implication.2. MACD kiss and rebound up above 0
3. Stochastic Oscillator cross up
4. Trade with in High Volume candle and it is under consolidate for next big move
5. Price trade above 5,10 and 20 moving average, it indicate bullish trend and most probably will trade above 50 MA very soon.
6. Up push candle getting easy, it is indicate supply is getting thinner, it is good sign move the stock up from low.
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Trading Challenge
Many people committed to buy stock is very easy, when come to profit taking and cut loss is one of the most difficult part in trading world, talking about profit taking is dealing with greed and stop loss is dealing with fear, cutting loss is a must in trading world because it stopping my capital continue to loss, in order to stay alive in trading world... it is a must !!! it is not an option, else I suggest you get out of the trading and you are not suitable.
I wanted to used simple example to share on the cut loss ... you bought an egg and prepare to used it for fry rice, some how you notice/suspect the eggs you pick was/may turn bad.... the question now is shall out throw/scrap the bad one and pick another .... or nevermind bet or hope the suspicious "bad" egg will be good and risk the good rice which is ready to cook ? you make the call... I am believed in order to win I got to know how to prevent I am loss in the market... if I notice I am wrong... I got to admit and cut the loss and make a next move.
As a reminder for myself
I am always remind myself If the trend is go again me and violated my SL limit, I will cut loss base on the risk preference.
Stop Loss is painful process because I making loss, but it is necessary to take it, it is very important because it protect my capital to ensure I am stay in the market.
DISCLAIMER:
Stock analysis and comments presented on klseelwavetrading.blogspot.com are solely for education purpose only. They do not represent the opinions of klseelwavetrading.blogspot.com on whether to buy, sell or hold shares of a particular stock.
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