SFM is forming an ascending triangle pattern, indicating a potential bullish continuation. The price is currently consolidating around 101.68, just below the resistance level at 104.5, which is the key breakout point. The ascending triangle suggests increasing buying pressure as higher lows form, building up momentum for a possible upward move.
Breakout Watch:
The stock is approaching a critical breakout point at 104.5. The recommended trading strategy includes exiting 25% at T1 (108.16) with the stop loss moved to breakeven, exiting 50% at T2 (116.18) with the stop loss moved to T1, and exiting the remaining 25% at T3 (122.50). The stop loss is initially set at 93.75 to limit potential downside.
It is important to monitor the volume closely for confirmation of a breakout above 104.5, as increased volume could signify a stronger breakout move.
Breakout Watch:
The stock is approaching a critical breakout point at 104.5. The recommended trading strategy includes exiting 25% at T1 (108.16) with the stop loss moved to breakeven, exiting 50% at T2 (116.18) with the stop loss moved to T1, and exiting the remaining 25% at T3 (122.50). The stop loss is initially set at 93.75 to limit potential downside.
It is important to monitor the volume closely for confirmation of a breakout above 104.5, as increased volume could signify a stronger breakout move.
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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.