One of the features of charting and data platform Trading View is that it allows one to 'play back' an idea, allowing anyone to view how the price has developed since the idea was published.
One of my preferred setups is to buy 'off the highs' i.e. shares that have pulled back within an upward trend.
Recently (Tuesday, 09-Jan-2024), Milan-listed Ferrari (Code: RACE) appeared as a buy/long candidate. The share retreated from all-time highs, then consolidated, before continuing it's upward trend.
Over the 10 weeks since publication, the share advanced by 30%.
[The green shaded area shows the price development since publication]
Semiconductor share Applied Materials (AMAT) was a similar setup on 16 January, rising from $153 at the time of publication to $214 at it's recent high.
Naturally, one might ask, can we find more shares that have a similar structure, or to state it plainly, 'look like Ferrari did at the time?'.
Here Are Three Shares That Have A Similar Structure:
ACN Accenture Plc - Global Consulting Firm, With Some Exposure to AI
PETR3 Petrobras - Brazilian Oil & Gas Giant
MELI Mecardolibre - Leader in Latin American E-Commerce
What do we need to see next?
Improving candle structure i.e. buyers showing that they have once again taken an interest.
Interested in capitalizing on 'more of these' ideas?
Contact the Unum Capital Trading Desk:
E-mail: tradingdesk@unum.co.za | Call: 011 384 2923
Lester Davids
Analyst: Unum Capital
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