KAZ-LON & BUR-LON Breakout

I last posted on UK stock, KAZ-LON, just 6 days ago when price had broken through the February high at 600. I mentioned that we need to apply patience at this point and not jump in too early with trades given as this could possibly be a fake breakout and see price reverse back into the 6-month consolidation it had been.

What we required was a bullish flag formation and looking at the daily timeframe above, that is exactly what has happened. This is classic price action movement when price is in a trend and support and resistance levels are cleared.

The breakout from yesterday offered an entry point which I took with no hesitation to add to the positions that have been in play since last year.

If this trend holds, then this stock offers excellent risk to reward to the upside where price could potentially reach the highs of 2008 at 2000.

I last posted on UK stock, BUR-LON, on May 16th when price had bounced off the support zone in proximity to 700.

Looking at the daily time frame above, we can see that price is now trading above the major figure of 1000 which is now acing as support. This has not been a linear trend by any stretch of the imagination but it does show how understanding support and resistance levels are key to good trading.

I have repeatedly mentioned that this understanding will help you to stay in trends longer by knowing how to manage your trailing stoploss and will offer you opportunities to compound. Where everyone is selling, good traders apply patience and wait to buy.

BUR-LON broke through the 800 resistance level, came back to retest it in June where I entered yet another compound on the Inside Bar and this has now bounced off and as of today, trading above 1000.

We now need to apply patience and let price close above this level by the end of the trading day.

I will then look for the trend to confirm itself before adding any more positions to the ones I have in play since last year.

Any comments and questions, do not hesitate to leave them below.

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