Just checked out Billabong (BBG), was in a solid uptrend, has retraced since then, declined on falling volume with a final pivot low there at about 12.37. Has now consolidated and found support imo and has now worked its way out of the downtrend on higher swing lows and highs (ie an uptrend), the most recent swing low is at 13.05 imo.
Has broken the dowtrend and retested succesfully (so far) as shown in chart. Very high volume today- not sure why, maybe some form of option expiry or share conversion as there were two very large parcels traded. I'm watching the all time high (c14.60) for an approach to that level and further on to new highs. I like to get these swings early if I can, riskier though.
Downside risk is that this breakout is from a possible descending triangle but the early breakout suggests strength. A break of the recent swing high c13.55 would probably see more buyers enter as the pattern would be abvious by then.
I'm still learning this swing trading stuff so I may well be wrong, comments welcome from those swing traders out there.
Daily charts attached. Critiques welcome.