OR trade ideas
Looking for a short on L'OrealWith the Corona Virus outbreak we expect L'oreal to pull back after earnings , there are some concerns on how much impact the Corona Virus will have on L'oreal bussiness in China (which had a strong growth previous year).
We agree that the fundamentels off L'oreal are strong but the techincals are not looking that great, we had a false breakout on the daily chart after earnings & the RSI is looking overbought on the larger time frames. That's why we are expecting some profit taking next week.
We will start looking for shorts on Monday.
Short entry on a gap up: 272.5
Short entry on a gap down: 268.8
Short term cover area : 264
Good luck & i keep you guys updated
LOREAL (OR): Decision Point & Potential Drop
those the trend is clearly bullish,
the price is standing on a very important level:
we see a perfect match between strong horizontal support and support of a rising channel.
though, for now it looks bullish,
in case of a bearish breakout, it will be a perfect signal for us to short the market.
target levels are based on structure:
245
230
stop will be 265
