MAR looking for continuation of the uptrend after tagging the weekly trigger.
Stage 1 of this trade is looking for a break of daily trigger and attempt at PT1 ($244: Yearly R1, Quarterly breakdown) within the next 1-2 weeks. Using monthly EXP (6/14).
Stage 2std would be a break and successful retest of daily (around $240). Probably wont roll contracts, instead doing a calendar spread and move up stops on 6/14s
Stage 2alt is a break above PT1 and a retest. Possible to happen within 10 sessions, will exit and roll EXP if it takes longer than ~10 sessions and structure is still valid
Stage 3 is a move higher from 244, looking to target 254. Will cover entire original if we get Stage 2std and look to PT3 ($260-$262) with longer dated contracts. If Stage 2alt, will cover half at PT2 and fully exit PT3
Stops are under $231 (around -3% spot)
Bullish:
- Consolidation at the yearly breakout level ($234) and above quarterly S1
- Holding weekly trigger (long term uptrend)
- Rounded bottom formation possible
- Holding earnings VWAP
Bearish:
- Under daily trigger (short term bearish trend)
- Bear flag on weekly chart
- Broke below and rejected quarterly breakdown (pre-earnings)
Stage 1 of this trade is looking for a break of daily trigger and attempt at PT1 ($244: Yearly R1, Quarterly breakdown) within the next 1-2 weeks. Using monthly EXP (6/14).
Stage 2std would be a break and successful retest of daily (around $240). Probably wont roll contracts, instead doing a calendar spread and move up stops on 6/14s
Stage 2alt is a break above PT1 and a retest. Possible to happen within 10 sessions, will exit and roll EXP if it takes longer than ~10 sessions and structure is still valid
Stage 3 is a move higher from 244, looking to target 254. Will cover entire original if we get Stage 2std and look to PT3 ($260-$262) with longer dated contracts. If Stage 2alt, will cover half at PT2 and fully exit PT3
Stops are under $231 (around -3% spot)
Bullish:
- Consolidation at the yearly breakout level ($234) and above quarterly S1
- Holding weekly trigger (long term uptrend)
- Rounded bottom formation possible
- Holding earnings VWAP
Bearish:
- Under daily trigger (short term bearish trend)
- Bear flag on weekly chart
- Broke below and rejected quarterly breakdown (pre-earnings)
Note
Forgot to add, stops will get moved up to 235 area once either Stage 2s are completed. Stage 3, stops probably at 240.
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.
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.