BTEM-LON and BOO-LON Finding Support

When I last posted on BTEM-LON on June 5th, price was just short of finding resistance at 700.

Looking at the daily timeframe above, we can see that price broke and closed above 700 in the following days of my post but this move was short live. Price did a pop and drop and the bears came in and took price back to a previous resistance-turned-support zone.

Price has since been stuck in a mini range. I am now looking for price to bounce off this support, move through the pivot high of June and for the bulls to take control of the market all the way through to 1000.

This stock has been a slow burner to date but all my positions are still in tact.

The daily timeframe above of online clothing giant Boohoo paints a similar picture.

I last posted on BOO-LON on Mat 23rd when price had just broken out from a mini consolidation and was just short of the 200 resistance level.

Price, since then, went onto create new highs which included an over-extended bullish bar. A correction in price is a common following an over-extended bar and that is what we have been seeing though June and July.

Price is now at a previous pivot support. Like BTEM-LON, I am looking for this support level to hold strong and for price to bounce and breakout. Ideally I want to see price break and close above 300 and move through to 500, the next major resistance.

My positions since last year are all in tact and in excellent profit.

Both stocks still very much have a strong bullish bias overall and for that reason, I have no desire to tighten stops. If these support levels are broken, I will then put my exit strategy into action.

For now, I am applying that key skill to a top trader — PATIENCE — and waiting for price to dictate a breakout. I will then look to add further compounds.

The best techniques are the simple ones and where we let price dictate. Those who try to predict will always be forever chasing money.

Ever seen a hamster in a wheel?

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