A couple of near identical patterns emerging for ARI and AGL in the form of bearish continuation breakdowns being displayed on the 3LB charts. In both instances we see that the bearish longer-term trend has resumed and that the previous swing low as per the daily 3LB charts have been broken - indicative of an increased likelihood of further weakness. The setups below are as follows: ARI- Short in the R61.69-R60.11 zone with downside targets at R56.95, R53.79 and R52.21. The initial stop comes in as a close above R63.27 AGL- Short in the R133.81-R130.00 zone with downside targets at R122.39, R114.78 and R110.98. The initial stop comes in as a close above R137.61
With intraday highs of R60.59 and R130.00 for ARI and AGL respectively, both of these setups provided an opportunity to jump on within the acceptable entry zone today. And with ARI ending the day more than 13% in the red it has also pretty much reached its final target within a single day yielding a 2.5-1 reward-risk return. AGL has also progressed well out of the blocks hitting the T1 level as at the close.
With intraday highs of R60.59 and R130.00 for ARI and AGL respectively, both of these setups provided an opportunity to jump on within the acceptable entry zone today. And with ARI ending the day more than 13% in the red it has also pretty much reached its final target within a single day yielding a 2.5-1 reward-risk return. AGL has also progressed well out of the blocks hitting the T1 level as at the close.
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