Just about 3 weeks back, AEM was on a bull run, it breached the 1.60 resistance….
And also the 1.70 level gave way too..
FYI, we had covered this specific counter end of Oct too in this previous blog post when it was around 1.45 >> http://singaporetradinginsights.blogspot.com/2019/10/aem-quite-good-spike-caught-then-some.html
2 weeks later, it started pushing higher..
Our target was revised higher to 1.90 as seen below… that was the key resistance we had been trading below since early 2018, and it was key
Short term trend indicators were also looking good then.. see what I mean,
Over the next few days, indeed we approached the 1.90 key resistance and some heavy profit taking returned..
It started to retrace lower towards 1.70 where we were seeing some good support..
It was likely to consolidate from 1.70 to 1.90 before more actions,
And we were expecting buyers to start coming back near 1.70 for any potential rebound…
A rebound towards 1.90 where there can be another attempt above that key resistance…
See targets that we revised from the 1.70 level up..
Fast forwards to now, we have started to see some bullish actions again over the past few days..
A firm and bullish rebound from the 1.70 support last Friday..
And today, it is approaching the 1.90 again…
Some selling is coming back…
But we are awaiting more bullish price actions for the next phase of uptrend to continue…
So far, not yet…
But definitely, this counter is in our watching list for more upside..
Profit taking near 1.90 normal for now…
Huge sellers stacked there but let’s see when they can be cleared… watching.. See where we are below…
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