MRSGI is potentially forming a Falling Wedge pattern, a bullish trend continuation pattern. A breakout from this pattern will likely revisit the resistance around 4.4~4.5.
*Potential bullish signal on Stochastic near the oversold territory.
*Support around 3.52/3.5.
Trading Plan
- Buy on breakout.
- Potential target to initally take profit or scale down position is around the resistance area.
- Set stop-loss on breakdown from support at 3.5 (risk/reward ratio is not very attractive when immediate TP is only around 4.4~4.5. Profit run on breakout from resistance.
Trading plan must be decided in advance to deal with different market conditions efficiently. Depending upon the trend which market is following a trader may decide which trading strategy he should use. Often traders make use of trading tips to ensure that they earn well from market.
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