ALI is now potentially forming a toppish pattern with a bearish Evening Star candlestick pattern. Pullback/consolidation may likely follow.
*Immediate resistance at 33.
*Immediate support at 30 or around 38.2%~50% retracement area (29.8~30.4).
Trading Plan
- For medium to long term position, accumulate near 30 or below.
- For short term position, buy on pullback using the Fibonacci retracement levels as reference. Observe any reversal patterns around the 38.2% ~ 61.8% retracement. Avoid if downtrend momentum continues without any sign of bottoming out pattern.
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