SMFG19 trade ideas
Stocks Stocks Stocks...Hey wolves, get ready!
Sumitomo Mitsui Financial Group Inc's price, with ticker 8316, is making symmetrical triangle on 1hr timeframe.
There was a strong bullish sentiment before. Will it be trend continuation?
According to Elliott Waves theory the price made Wave D and now is heading to Wave E.
Follow the chart and look for the breakout.
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And always remember: "we don't predict, we react".
$SMFG with a neutral projection following earning release$SMFG posted its earnings with a positive under reaction following its release with the PEAD projecting a neutral outlook placing the stock in Drift A
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bottom fishing with good dividend payoutA 50B+ major Japanese banking firm - coming off a major multi year base with > 25% upside in 2020. Risks can be substantially mitigated by due the high dividend payout offered by the company.
Risks can be further reduced by doing the following:
1. hedging with put options strike 5 with at least 90 Days to expiry (DTE) for worst case scenarios
2. Do not risk more than 5% of your portfolio .. ideally scale it in. 2% now and then 3% in case it falls after the pending earnings in Nov
SMFG - Bump & run formation long from $7.83 to $8.43SMFG is forming a nice bump & run formation. It has very nice upward run as a fallen angel on huge volume & now seems breaking out. Moneyflow very strong. We think it has very good upside potential.
* Trade Criteria *
Date First Found- June 12, 2017
Pattern/Why- Bump & run formation
Entry Target Criteria- Break of $7.83
Exit Target Criteria- $8.43
Stop Loss Criteria- $7.43
Please check back for Trade updates. (Note: Trade update is little delayed here.)