My buy signal for Greenergy Holdings, Inc. (GREEN) appeared last May 29, 2019. That was the day when the price crossed above the 10-day simple moving average and the MACD registered a golden cross on the signal line.
My conviction to do a test-buy on that day was high because it was a green candlestick, the last price was above the volume weighted average price, volume was higher than the 50% of GREEN’s 10-day volume average, and the price range that got the biggest volume and the highest number of trades was closer to the intraday high than the intraday low.
Support is near 2.25 while resistance is near 2.90. Your next support is near 1.43 if GREEN breaks below 2.25. Your next resistance is near 3.50 if GREEN breaks above 2.90.
I won’t regard the participation of the foreign investors on GREEN because it’s not a significant value.
GREEN has a low risk level based on my risk level indicator using historical volatility. It’s important for new traders to align their risk profile with the risk level of the stock.
RSI is still playing in a neutral level. There’s still more space for GREEN to wiggle its way towards 2.90 for as long as the price does not break below the 10SMA.
While the bulls are in a dominant control over the bears, I say that the upward moment is still not very strong. There’s a chance for GREEN to bag the “strong upward momentum” level perhaps once it touches the resistance at 2.90.
Trade-Volume Distribution Analysis
The dominant range last Friday was closer to the intraday high than the intraday low. That supports my bullish stance on GREEN.
Most Traded Prices: 2.61, 2.6, 2.62, 2.55, 2.63
Most Voluminous Prices: 2.6, 2.61, 2.62, 2.55, 2.63
There’s a confirmed bullish sentiment last Friday since 7 of the top 10 players registered a positive Net Amount and half of them registered a higher buying average than their selling average.
The 29.41 percent that registered a 100% percent selling activity didn’t take root because only 1 out of 15 made it in the top 10 players’ list.
Trading participants of GREEN with a 100% Buying and Selling Activity as of Jun-07-2019 at 03:30PM:
- 6 out of 51 participants or 11.76% of all participants registered a 100% BUYING activity
- 15 out of 51 participants or 29.41% of all participants registered a 100% SELLING activity
- Top 10 Players’ Buying Average: 2.5959
- Top 10 Players’ Selling Average: 2.5916
Overall Sentiment and Recommendations
I maintain my bullish stance on GREEN. There’s a data-driven reason to top up or enter a new position. Don’t top up or enter a new position at any price. I suggest that you do it within the dominant range I mentioned above. Do a fresh trade-volume distribution analysis three to 5 minutes past the opening bell so you can see if last Friday’s dominant range is still the same.
Follow your trailing stop loss (TSL). Don’t forget to do an upward adjustment on your TSL every time the price registers a higher price.
If you are using a trailing stop loss, you will not think so much even when RSI is already inside the classical overbought level or even when the price breaks the resistance level. The usage of a TSL allows you to maximize the bullishness of an uptrending stock and it protects you from trading beyond your tolerable risk.
I suggest that you stop using a predefined Target Selling Price.
I suggest that you quit using a Buy Below Price.
Use a Trailing Stop Loss instead.
If you want to know WHY and HOW to calculate a TSL, watch this video:
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