Following up from previous blog post a month back when AEM was trading around 1.88,
it was mentioned that Uptrend may not be over.. See post here again >> http://singaporetradinginsights.blogspot.com/2019/12/aem-attempting-to-push-higher-price-188.html
We were expecting a move above the 1.90 level first… that was where selling was happening then.
Target was reiterated to 2.10 after the first initial 1.90 target..
Let’s see the chart below again.
Over the past few weeks, there seems to be some consolidation but this stock was still in our watchlist all along..
Uptrend was still looking good though there was some profits taking near key resistance like 1.90 which was normal…
We managed to break the 1.90 resistance and headed towards 2.00 where saw some profit taking returning again..
Price actually retraced down towards 1.85 – 1.90,
but some bullish reversal actions were spotted again last week…
It was attempting to head back to the key 2.00 resistance level and we were expecting that to give way soon, just not too sure how soon..
As such, targets were reiterated with a potential move above 2.00 with target raised to 2.20 as seen below..
Trend indicators were pointing to a strong uptrend also then..
Fast forward to today, indeed we have managed to see some bullish price actions across the 2.00 key resistance level..
In fact on the last day of the year 2019, we were watching this key level and clients were notified on Whatsapp as it happened..
Today, seeing a push higher, away from the 2.00 level which can be a good thing..
As long as we see the 2.00 hold as a new support, uptrend can still be intact with target revised as seen..
See where we are below now..
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