CHMF / LONG / 21.03.25⬆️ BUY CHMF 21.03.25
💰 Entry: 1344.6
🎯 Goal: 1844.2
⛔️ Stop: 1283.2
Entry reasons:
1) OSOK:
— Month minimum was set at the 2nd weekly
2) Eliott waves:
— 1D: 2th wave is formed, 3th is forming
3) Larry Williams:
— Long term point is forming
3) Range:
— Weekly bullish range, correction into discount zone
4) Additional arguments:
— Divergence delta cluster
— Weekly liquidity is captured
Strategy: #osok #wave #larry #cluster
CHMF trade ideas
CHMF - One more Russian metalurgic play for Q4-Q1'24 From a both, technical and fundamental perspectives, It looks like Russian metalurgic and extraction complex sets-up for the next wave higher in this Q4, or maybe early next year.
Maybe it is because of rubble current and future potential weakness, or because of the dividend that these companies (CHMF, MAGN, NLMK etc) pay or are planning to, we may observe rather neat base structures being in formation within supportive further advance ElliotWave structure.
My general thesis for Severstal is that the price has bottomed in running flat type corrective structure (running flat are rare in EW and are signs of a bullishness) and now is basing for break-out to new this year highs closer to 1530-1580 zone where I may see next resistance zone.
Please have look how price weekly advance is made on burst up in volume profile and how scares volume is, when price stops and digests its move. Holding above 10w line is crucial for me entertaining longs in any position and we may see how buyers actively support this moving average, not letting the price close bellow this line.
My personal plan, is to start building position above 1400 zone, if price breaks out with volume, having tight risk-management parameters within 3-5% breathing room.
I am perfectly fine staying out on the side line if the price will not cooperate or stops me out and waiting for the next low and time-right risk entry spot.
CHMF Severstal, buy after retest. long Monthly
Uptrend
Weekly
Uptrend with probable breakout up
Daily
Above Weekly SR
Wait for retest and if it ok then open Long
OPEN 1100
SL 1025
TP 1228
RR 2
Duration 3 month
Looks healthy
Also taking into account that it signed contract with US on supplying steel, it could be positive active.
One risk factor is weak demand on steel due to COVID.