MMM - Opportunity for Short
Updated
Hey guys! Here's my view on MMM:
Summary
Price bounced off a strong support, captured by the recent spike and I am expecting a further push to 168.79 before a reversal.
How I would play this trade:
Entry: 168.79
Stop Loss: 190.26
Take Profit: 97.21
Reason for my view:
There was a strong bounce off the 61.8% fibonacci retracement level, in line with previous breakout levels, as seen by the recent spike. With the $2 trillon rescue package recently injected into the economy, it could provide a temporary boost in market risk sentiment. This could see prices rally higher to test our resistance level at 168.79.
Overall bias remains bearish as price is holding nicely below its descending resistance line and 35 EMA. Fundamentally, the Covid-19 outbreak worldwide is not showing signs of peaking out, which could further impede the global recovery.
Disclaimer: There is a very high degree of risk involved in trading and investing. Past results are not indicative of future returns. Trading BEAN and all individuals affiliated with this site assume no responsibilities for your trading and investment results. All contents featured here are solely for educational purposes and ARE NOT investment or trading advices. Please do your own due diligence and trade at your own risk.
Summary
Price bounced off a strong support, captured by the recent spike and I am expecting a further push to 168.79 before a reversal.
How I would play this trade:
Entry: 168.79
Stop Loss: 190.26
Take Profit: 97.21
Reason for my view:
There was a strong bounce off the 61.8% fibonacci retracement level, in line with previous breakout levels, as seen by the recent spike. With the $2 trillon rescue package recently injected into the economy, it could provide a temporary boost in market risk sentiment. This could see prices rally higher to test our resistance level at 168.79.
Overall bias remains bearish as price is holding nicely below its descending resistance line and 35 EMA. Fundamentally, the Covid-19 outbreak worldwide is not showing signs of peaking out, which could further impede the global recovery.
Disclaimer: There is a very high degree of risk involved in trading and investing. Past results are not indicative of future returns. Trading BEAN and all individuals affiliated with this site assume no responsibilities for your trading and investment results. All contents featured here are solely for educational purposes and ARE NOT investment or trading advices. Please do your own due diligence and trade at your own risk.
Trade active
Waiting for an Entry, updating my Take Profit level to 97.50Entry: 168.79
Stop Loss: 190.26
Take Profit: 97.50
Disclaimer
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