Monday, October 29, 2012

SCOMI How High?

How far can SCOMI go? Well, here is my 2nd update, since my first posting 2 weeks ago. It has been riding smoothly until it hit a resistance 0.45/0.46 which was mention in my 1st post. I expect it will retrace approximately 50% from price top 0.45/0.46, but instead it only corrected around 38%. Since it has done the correction, going forward I think that it will go further up until reach another 2nd resistance 0.56/0.57. So expect another bounce off from this level. 


My Trading Plan

Downtrend
1) At current level (25/Oct) any sell down below 0.40/0.41 will trigger me to exit SCOMI. 
2) In the event any breakdown from the 1st support (after breakout from 0.45/0.46), there will be high chances that the short term uptrend will be delay/end and I will exit my position in SCOMI. 

Uptrend
Once breakout from 0.56/0.57, we will be on the smooth ride towards target 0.80 and possible extended target of 1.30.

Happy Trading and Good Luck! 
Previous Post: SCOMI Smooth Ride?
Note: This chart TA is part of BullTrader FireBull Techniques

No comments: