Daily charts
- stock is trending down this year
- stock has also made a new 52 week low
- today there was an intraday spike of 10% in the stock
- my buy above level is 3200
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj96C7x4gajfAbM8F_Tm-PeZG5L5JpSJ1NymHqomqtP7dbeWNtHq7F_QYY0gDMqouWyf4wiqunaegYJNLQuISNK8cYFrZBj7B64Y9AVGuPZw0Ggme7BAFxemcCsw6sEiTP3eHu8cwA0r0IL/s640/a.png)
But weekly charts show a different picture.
Stock has very good support around 2940... this is infact a 2 year low/ double bottom whatever you call it. So for a long (contra) trade your risk is very low.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhemIgYQapTMkppIfKCiBXRaadDOqlit-4jeGP5zuJDyjIoKvhV5UniyDrKzKsLI55menbljApcVUSo6A1uqdE1XWLgCovR2gZQT62hNnnZe-Q7Z7qw84sErHPhrYMz_5ghKaKX3hFZRW3/s640/a.png)
On monthly charts, next support is around 2400
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSOUxZJ3-dEfWRjBwe0oUeKs8FKuXhV_xFi0WxIdnPc8ohb3mcT67Uo-IbjeVCNzlAw-f6KUAsxdWiPHt0Eynx9gs8KZ4b51KavGCrz6NIZGkDL5ZVDb4lPzJrVANJacbGLd_tcku7omT4/s640/a.png)
- stock is trending down this year
- stock has also made a new 52 week low
- today there was an intraday spike of 10% in the stock
- my buy above level is 3200
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj96C7x4gajfAbM8F_Tm-PeZG5L5JpSJ1NymHqomqtP7dbeWNtHq7F_QYY0gDMqouWyf4wiqunaegYJNLQuISNK8cYFrZBj7B64Y9AVGuPZw0Ggme7BAFxemcCsw6sEiTP3eHu8cwA0r0IL/s640/a.png)
But weekly charts show a different picture.
Stock has very good support around 2940... this is infact a 2 year low/ double bottom whatever you call it. So for a long (contra) trade your risk is very low.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhemIgYQapTMkppIfKCiBXRaadDOqlit-4jeGP5zuJDyjIoKvhV5UniyDrKzKsLI55menbljApcVUSo6A1uqdE1XWLgCovR2gZQT62hNnnZe-Q7Z7qw84sErHPhrYMz_5ghKaKX3hFZRW3/s640/a.png)
On monthly charts, next support is around 2400
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSOUxZJ3-dEfWRjBwe0oUeKs8FKuXhV_xFi0WxIdnPc8ohb3mcT67Uo-IbjeVCNzlAw-f6KUAsxdWiPHt0Eynx9gs8KZ4b51KavGCrz6NIZGkDL5ZVDb4lPzJrVANJacbGLd_tcku7omT4/s640/a.png)
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