Admiral Group complets head and shoulders topAdmiral is looking pretty sick while the overall market hits new all time highs. The shares have failed at trend resistance and also the neckline resistance of the top pattern. The shares are making new lows on a relative basis and look set to continue lower in the near term. The shares will be particularly vulnerable should the FTSE100 undergo a correction. Medium term target is 1375p
ADM
Short - Admiral Group ADMHi all,
I only take positions on the daily/weekly chart when trading companies as they are not open 24hr and I find my win rate is higher historically
Reasons for to go short
- moving averages or bearish
- old support is now resistance
- descending channel
- RSI is bearish
- candle on the 4th Jan 2016 broke below candle (indecision) on the 3rd Jan 2016
- stop goes above the 50 moving average
ADM - holding up quite well, but capped by 200 MA...Some stocks seem to show weakness after the bull run off the February lows, but ADM seems to holding up quite well. I still like the gradually emerging new " inflation coming " theme, I will therefore closely monitor ADM, DBA, MON, MOS, VALE, FCX, Rio Tinto, BHP Billiton and several other names, including ETF`s.