BUR-LON Bounces Off Support

I last posted on the UK stock of BUR-LON on the 6th of April when price had pulled back to a pivot support zone. Since then, price had bounced off this support level, came back to retest it for a second time and today bounced off it with some considerable strength.

Looking at the daily timeframe below, this bounce off support has taken price through the 800 round number level but we still need to see a break and close above the pivot high of March to suggest a trend continuation.

I have been in this trend since last year and it is understanding the personality and characteristics of this way this stock moves that has allowed me to stay in the trend for many months.

This stock has been trending well but it tends to pullback regularly. Understanding this has 2 advantages:

  • It allows for an understanding of how to place stoplosses and how to manage my trailing stoploss.
  • It allows for compounding at strategic levels both as breakouts and as pullbacks.

I now have multiple positions in play and will look to add further positions once price confirms a breakout and trend continuation.

This has been a reliable, slow and steady stock that has delivered good profit to date.

I would now like to see this stick breakout and rise to the 1000 mark and offer more compounding setups along the way.

Simplicity and patience is the key to good trading.

Any questions or comments, please leave them below.

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