Potential Trade Idea with Pullback Strategy – Y.S.P. Southeast (7178)
Y.S.P. Southeast gaining a +14.6% since the 1st buy signal on 25 July 2018. Based on the chart above, we can identify several strength in the background:
1. No Sign of Weakness on resistance level indicates no seller or distribution
2. Price broke above resistance level by locked up the seller and formed 3 accumulation during the mark-up stage
3. Pullback pattern are well spotted during the 3 accumulations. Smart money tends to push the price lower with low volume to test potential seller before continue mark-up the price
What is Pullback?
A pullback is the temporary falling of the stock prices after it break above the resistance level usually with widespread bar and high volume. Pullbacks are widely seen as buying opportunities with lower risks as you are given a chance to buy at support level.
Currently Y.S.P. is trading near support level after price pullback with low volume and offering trader a low risk trade opportunity using pullback method.
Disclaimer: This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock.
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