ELAA trade ideas
head and shoulders formingLooks like a great short entry to buy some puts at 87.50 Looking foward to what next couple weeks has in store for us.
EL shooting star reversal candleEL has been cropping up on my lists quite a lot recently - overall it is an upwardly trending stock and has been since 2009/2010. However, the trend is not at all easy to trade - even for a longer-term trend trader.
There have been many periods of extended consolidation - the duration (rather than the depth ) has been the main sticking point. In the last few months (since breaking above the 2014 high) the trend has become at little more linear - but not enough to feel confident for a straightforward trade.
Yesterday price gapped up on higher volume (and the earnings announcement) but the shooting star candle was extremely bearish. This suggests a reversal (at least in the near-term).
While I anticipate EL continuing to trend up it is not a stock which is simple to trade. I will bypass this one at this stage.
ELDescending Triangle BO seen best on the weekly. This MAY have too much "white space" for Bulkowski but worth a tray to the 1st target
