AURUM Bang On- Combining Rounding Bottom with ADX!
Aug 09, 2024
When one combines basic price patterns and price indicators, it can lead to interesting results! See for yourself how we were able to capture such a significant move in AURUM. Take a look at how we chose AURUM, a momentum stock that has rallied by more than 16%.
We published AURUM in "The Financial Waves Short Term Update" on 05th August 2024 which our subscribers receive pre-market every day. Check out below the detailed research report that we published.
AURUM Daily chart Anticipated as on 05th August 2024.
AURUM Hourly chart Anticipated as on 05th August 2024.
AURUM has been moving higher recently and intact in strong uptrend. In the previous session it closed with a massive gain of 7.02%.
On the daily chart, in the previous session prices formed a bullish candle. Price has closed above 186.50 level which confirms breakout of the rounding bottom pattern. We have shown ADX indicator which gives an indication if the stock is trending or in a trading range. The low readings of ADX indicates that the stock is in a range. The adx of this stock is 27.27 giving an indication of a trending market. The reading above 25 means strong directional strength.
As shown on the hourly chart, we have applied parabolic SAR which used to determine the price direction as well as draw attention to when the price direction is changing. A series of dots placed below the price which is deemed to be a bullish signal. Closest support is placed at 175.
In short, trend for this stock is positive. Use dips towards 184-186 as a buying opportunity for a move towards 198-200 levels as long as 175 holds on the downside.
AURUM Daily Happened Chart as on 9th August 2024.
Happened – the stock moved as we anticipated. After the breakout, the stock rallied more than 15% and achieved the expected targets. Also, Aurum made a fresh high at 214 levels on 6th August.
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