ARQ Group Limited (ASX: ARQ) , formerly Melbourne IT Limited, is an Australia-based company engaged in providing services to small and medium business, and enterprise and government clients.
ARQ Daily (left) and Yearly (right) Price Charts
The stock did not bottom anywhere as the yearly price chart is showing since it touched precisely the extension of the yearly rising support. This event and an extremely oversold daily condition combined are supportive of a coming price reversal.
Considering the stock is not very liquid we do not like to specify a defined form of intervention but we are looking to open a long position by the next trading session on Monday 7th of July for a minimum 50% profit but possibly significantly more.
There are two ways to initially protect the position, an aggressive one by closing if the price declines below the last daily bottom, or a more conservative one, if it breaks below last week’s double bottom.