Flex Analysis Ascending Triangle + Long Wick Rejection of Support (Bullish Volume Spike) + Trend Line + Bullish Engulfing Candle
Wait for a break of 10.55 before entering Long.
Price Target: 12.26
FLEX/N trade ideas
FLEX - DAILY CHARTHi, today we are going to talk about the Flex Ltd and its current landscape.
Huawei and its suppliers received exciting news, as the U.S. Commerce Department renewed a 90-day period extension, that grants to American companies’ permission to continue to do business with the giant Chinese telecom companies. Commerce Secretary Wilbur Ross's announcement included that the need for extension was also due to the necessity of some rural communities of the Huawei 3G and 4G networks. The extension should keep the supplying chain going, principally of the Americans ones like Flex Ltd that have its revenues highly exposed to Huawei demand (5% of its revenue, represent by ¥2.43 billons) and have now another quarter of relief from the tension of loose a so significant company like Huawei. The concerning aspect it’s if this extension doesn't lift the results of its supplier on the next quarter, considering that the Chinese company might already be restructuring its supply chain, as the uncertainty created by the ongoing Trade War that ended blacklisting the company on the U.S. The Huawei CEO Ren Zhengfei also already have been clearly vocal that isn't concerned with the U.S decisions and said that Huawei could grow without the U.S markets.
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Huawei not happy with FLEXFLEX is suffering from the trade-war between Trump and Xi (US and China).
Huawei is "angered" at how FLEX has managed the situation.
They report earnings today after hours. (July 25th)
I would sell all my position right away.
$FLEX Cup and Handle on weekly??I want to see a close above this trendline on the weekly chart "handle" part of the cup and handle.
We see that, should see a nice continuation higher perhaps into the 100 and 200 sma ($14.38 & $13.56 respectively).
Earnings are on 4/29/19, but will revisit this Friday afternoon to see if they can close above the trendline.
FLEX(Daily). Head and Shoulders Top. (Retest).Head and Shoulders Top. Retest of NeckLine.
At long term S/R, now resistance.
Within downtrend Channel.
Under 50, 200 sma, CrossOver.
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