LONG ON BM
Updated
Its a long time that i have posted
1.Fund :COVID-19 etc not very important for the small time frame i expect this to work.
2.Techn:
a.If you notice the stock has used the 61.8 fibo as a resistance point in the past and i believe there is high chance it will happen again.
b.A reverse h&s has formed.Not textbook form but i have noticed that it tends to work.(could pass as an upwards channel also)
c.The price bounced on the 50ema and and seems to just break over the 75$ resistance.
d.14d Stoch are at the high side
e.MACD is almost at signal
To sum up :67-68 SL and TP at 99.5 good R/R .Expect this to play till start of May
Points to consider
1.If you look at 1h its very likely that i have missed the retest and price moves up.
2.The other factor i have my doubts about this is that the S&p and DJ are both very close to resistance lvls so a general downwards move could drag this down.
Hope it helps Good trading
1.Fund :COVID-19 etc not very important for the small time frame i expect this to work.
2.Techn:
a.If you notice the stock has used the 61.8 fibo as a resistance point in the past and i believe there is high chance it will happen again.
b.A reverse h&s has formed.Not textbook form but i have noticed that it tends to work.(could pass as an upwards channel also)
c.The price bounced on the 50ema and and seems to just break over the 75$ resistance.
d.14d Stoch are at the high side
e.MACD is almost at signal
To sum up :67-68 SL and TP at 99.5 good R/R .Expect this to play till start of May
Points to consider
1.If you look at 1h its very likely that i have missed the retest and price moves up.
2.The other factor i have my doubts about this is that the S&p and DJ are both very close to resistance lvls so a general downwards move could drag this down.
Hope it helps Good trading
Note
Well up until now it seems a good play.Caught the breakout price retested support and seems in premarket to gap up.Trade active
Im a bit cautious cause the 90$ resistance seems to hold great.Moved SL to entry.If i breaks 90 it will reach TP targetNote
Overall happy about the pick broke the 90 resistance .Doubt it will hit TP this week.I bilieve it will drop to 90 again or even a bit lower and then it will go to 100$Trade closed: target reached
Good trade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.