SMART trading- BAW reversal
This stock really took a smack this week. The market did settle somewhat and after three days of pain, Barloworld’s price has come down to settle at what looks like a decent support level.
Look, the market has been extremely volatile but we have seen some positive sentiment coming out of the Asian trade this morning. I’m hoping we get some follow through in the next week or so.
Apart from hanging around this short term support level, the stock has become over-sold on the daily chart. All the momentum indicators have starting showing a change in direction with the RSI also turning higher off very weak levels. The two green candles that have formed could indicate that a reversal is in play (at least in the short term).
Chart by TradingView
SMART trading has entered and our copy traders are in! Here is what we’re looking to do;
Buy(long) BAW (CFD) 120.00
Stop loss 115.45
Profit target 130.00
Note: I do think you can pay up to 121.00 here and adjust your stop loss accordingly.