EQTEC Bounce by 20%I am expecting a bounce of approximately 20% from current resistance level. Let's see how it plays out
EQT trade ideas
Eqtec EQT long breakoutClear resistance at 0.6
Now a falling wedge pattern on lower volumes, pressure is building for a break out to the upside with fundamentals (contract news) to also follow.
#EQT - Channel based long. #EQT - Channel based long.
TA Rationale for buy - I looking for a replication of the bounce off the lower channel and RSI increase - Feb 20 bottom @ 5.25p to Feb 28 top @ 9.25 (see first green arrow).
Fundamental rationale for buying - placing at 6.5p overhang and sell bias appears to have cleared and ask price continued to rise throughout the session.
Entry 6.8p, Stop 5.7p & target of 10p gives a R:R of 1:3 (L17% vs P50%).
Although at the lower end of my typical R:R ratio, I believe bulls favour the bears here although caution should be applied circa 8p incase of potential H&S pattern to the downside.
