HMY looks to be offering an objective entry around current levels and will be added as an Active Trade at the open tomorrow barring any unusually large gap in either direction (2% or more). Harmony Gold, like many of the recently posted mining stocks trade ideas, has made a very over-extended plunge down to support on the weekly chart while setting up in a bullish pattern on the 60 minute chart (which helps to refine the optimal timing on the entry). HMY broke above the top of it’s 60 minute pattern today and managed to close above that level and as such, should provide an objective entry tomorrow. A stop below the 6.20 level would offer about a 4:1 R/R to the first profit target (7.20) and a 5:1 R/R to the second (final) price target, assuming an entry around today’s closing level of 6.43. 60 minute and weekly charts:
Zooming in on the AAPL trade/setup even further, here’s a 60 minute chart which shows that key downtrend line that I’m watching for an additional/confirmed buy signal. As you can see from this chart, that downtrend line currently intersects a nice resistance zone (as defined by the March 1st gap as well as several recent reaction levels in the stock). Therefore, any solid break over that level would likely bring in a new wave of buyers. I have also added a few overhead resistance levels to keep an eye on.
Although I didn’t specify it in the early post today, those interested in the AAPL long could certainly take an initial position on a break above the lower wedge trendline. In fact, the stock is moving up sharply as I type so by the time this post is made, it will have taken out that level. The “full position” trigger would still be above the white downtrend line to help avoid a pre-mature entry. Here’s an updated zoomed-in version of that previous 4 hour chart.
The MAKO long trade has now hit the first profit target (13.25) for a 16.2% gain so consider booking partial or full profits and/or raising your stops, depending on your trading plan. For longer-term traders/investors, my preferred target at this time is T3 (the final target at 16.10) although shorter term traders might consider taking partial or full profits anywhere from T1 to T2.
IAG is breaking out above this 60 minute downtrend, thereby offering an objective long entry here with the appropriate stops in place (based on your preferred target). This pattern has nice positive divergences in place below plus IAG has recently (so far) found reversed off key support on the weekly chart with a rare, but historically effective oversold buy signal (see weekly chart below):
LEN looks like an objective new entry or add-on to an existing short position here as it backtests the recently broken bearish rising wedge pattern. Updated daily & weekly charts: