Aggreko

Surely this has to be worth a short to at least 1400, and probably lower?

Support loads around 1377 - 72; 1329.
74.6% Fib extension from the high at 2415 is at 1387.20
Stop would need to be above trendline; currently 1780ish.

If this breaks 1329 then it should go all the way to 1160 at which there is further support and the 100% fib from the high mentioned.

I have just opened up a long position today based on the 4hour chart.

Please can someone care to put some TA on this?

thanks

Hi waverider2
This has a nice 123 low breakout on this today.So hopefully a change in trend.This should head towards 1556 and once that clears then it could head towards the down trend line.(1700)


dl.dropboxusercontent.com/u/4899609/aggk24thoct.png

Remo, if this closes above the breakout would you have the stop loss below todays candle or below 2 @ 1440 area?

CT79 wrote: Remo, if this closes above the breakout would you have the stop loss below todays candle or below 2 @ 1440 area?

Hi CT79
Once you have taken your first profit (target) then you would move your stop loss to break even.
I normally have my stop below the 2 point until its reached my first target.For this company my first target is 1553 then id move my stops to break even.

if you move the stops to soon then you risk being bailed out before the big moves.Atleast with 123 lows you know exactly where the stops should go The downside of a 123 low is the big stops that can be attached.

The power of a 123 low breakout
This should be a free trade now...Thanks to waverider for highlighting this.
This should head towards 1697 where i will be shorting this on a first attempt and closing my longs.
Theres also strong resistance at 1656.


dl.dropboxusercontent.com/u/4899609/aggk28thoct.png

If you look closely you can see how beautifully this back tested the 123 low breakout on friday.Perfect entry