ANN JOO Resource Heading to Med Term Target of $2.40/$3.00

Jason's Technical Reading 

Stock price gap up on 16th/Aug/16 which was driven by good quarter results, It's open high at $1.85 but ending with bearish black candle and closed at $1.70 with ultra high volume. these signal posted me either is buying climax or selling sizzling ? I am anticipating is selling sizzling because it was supported by the seller exhaustion signal, likely bull ran will resume very soon.

Immediate support found at $1.65 right after the gap was filled between $1.64-$1.70. It is exhibited evident of strong support characteristic, price was rejected twice while bear attempted to break it. I am foresee buyer willing to buy more if prices back to the support zone.

I am foresee stock price likely will test and break immediate resistance at $1.88 due to the fact of  recent prices movement steady climbing up and showed strong buying interest.

Elliot wave count study.

It demonstrated two consecutive wave degree pointing to uptrend, which is primary and intermediate wave degree(wave 3 and 5 respectively). The target of primary wave(Institutional traders) is $2.05/$3.20  and Intermediate wave(Long Term Investors) is $2.40/4.45.
Retail traders can take the advantage of the ride and pay attention to the key resistance line.

Target 

1.)$2.05
2.)$2.65
3.)$3.20

Key Resistance Line

1.)$2.06
2.)$2.25
3.)$2.64(Key)
4.)$3.00
5.)$3.25

Support Line

1.)1.70
2.)1.65
3.)1.45(key resistance)

Overhang Trading Zone 

1.)$2.05- $2.25
2.)$3.00- $3.25

These zone will post selling pressure to Market makers who want to move this stock higher, pay attention on it

Stop Loss

- Trader or investor may select own risk level to stop loss base on the  resistance line I posted. which is $1.70/$1.65/$1.45. typical stop loss method is end of day close below the support level. 



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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:

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