The pullback of the index from 8,000 is giving us an opportunity to enter into blue chip property stocks like ALI. In the weekly view, price has been making higher highs and higher lows. Should ALI be able to make a lower low and close low, then we may see a significant pullback hopefully to bargain price around 38.00 to 33.00
Hot stock MRC made a run last week to resume its uptrend. There are two ways to get in. Any correction to 0.40 to 0.33 would be the nearest level for a quick trade. However, if it breaks the recent low at 0.32, then the best level for entry would be the range of 0.25 to 0.19.
GERI has been quietly rising since 2-3 weeks ago, breaking the 1.08 resistance. Major resistance now is at 1.24. Breakout traders should watch that level closely. For pullback traders, 1.08 to 1.04 should be key levels of support.
VLL has also been rising. It broke out of its immediate resistance of 5.30. 6.60 is the next resistance level. A pullback to 5.30 to 5.00 would be good entry points.
The preceding set of stocks listed are currently moving and would take some waiting time for it to reach bargain levels. That’s if, IF it corrects at all.
Pullback entry would vary and would depend on the trader. One can enter by anticipation at key price points or wait for confirmation signal in the daily chart. Stop loss levels will vary to risk appetite and money management techniques imposed by the trader.
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