Update on TGA long position

6 de fev. de 2023

The price of Thungela (JSE) has been in rejection of the 21528 price level. This level has demonstrated to be a support level as the price bounced off multiple times. The current price rejection is a pin bar candlestick on the support level. Price is currently in a descending channel which is a pattern for a reversal in a downtrend, upon the market making a higher low in the lower timeframes such as 4HR or 1HR, I will enter and go long. Alternatively, an entry on the daily timeframe using the pin bar is present, but a riskier entry. the stop loss is set below the lows of support and if the market breaks this level, we will know the bears are taking over.