Bearish potential detected for CYL

Entry conditions:
(i) lower share price for along with swing of DMI indicator towards bearishness and RSI downwards, and
(ii) observing market reaction around the share price of $7.11 (150 day MA).

Depending on risk tolerance, the stop loss for the trade would be:
(i) above the recent swing high of 4th February ($8.26), or
(ii) above the declining yearly VWAP on the daily chart (currently $8.38).

ノート

UPDATE (week ending 13-Feb): Wait and see mode (unless ultra aggressive), with the share price respecting short-term moving averages to the downside successfully during the week and now testing the 100 and 150 day MA's once again. Observe market reaction around the updated share price of the 150 day MA now, currently $7.20.

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UPDATE (week ending 20-Feb): Although the share price is sandwiched between the yearly VWAP and other major moving averages on the daily chart, many major moving averages (especially the short-term moving averages) are now trending upwards, which now opposes the thesis of a short position for this proposed trade. Since the originally proposed trade has not activated as yet, let's abandon this potential trade now and look for another opportunity. Aggressive bullish traders may even like to consider trading this to the upside, potentially utilising the 150 day MA as a guide, since the share price has been respecting this quite well in recent times.

Ivory_Wolf

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Ivory_Wolf

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