Philip Morris extremely overbought
Updated
Philip Morris (
PM) is showing some great short entry signals:
Personal Strategy:
PM) is showing some great short entry signals:- M bollinger bandpattern on decreasing RSI.
- Second, slightly lower peak with decreasing volume.
- Bearish engulfing candle with almost no lower wick means no buying pressure at the close.
Personal Strategy:
- Given the bearish engulfing pattern, an immediate entry is acceptable.
- Take some profits of table when price hits $110. If price breaks the $110 resistance, and continues down through the $109.35 mark, hold through to the $104.12 resistance.
- If price does not continue down through either $110 or $109.35, exit entire position.
Trade active
Active in this trade. Used the initial buying spike today as an easy entry, since the bearish engulfing candle already signaled immediate entry.
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