$AIG Potential short-term sell then upswing trade setup
Hi, this is my first time posting an idea as a recent high school graduate (class of 2020) so any feedback or comments would greatly be appreciated!
AIG
has recently seen a nice channel up over the last few weeks, and, taking a look at this pattern, it would come as no surprise if a pullback to a higher low occurs over the next few days, perhaps a week, then followed by a new high with respect to the channel up. The MACD and RSI(14) are also taken into account.
Considering the fact that previous pullbacks lasted around a week, I'd say that taking a short position on Monday wouldn't be a foreign idea, at least until the end of the week. After, a long entry would make sense.
Of course, anything can happen; no one can predict the market. So please do your due diligence if you decide to follow my idea.
I'll be updating this thread to see if my idea is sound or if it stands corrected over the next week. Thank you!
AIG
has recently seen a nice channel up over the last few weeks, and, taking a look at this pattern, it would come as no surprise if a pullback to a higher low occurs over the next few days, perhaps a week, then followed by a new high with respect to the channel up. The MACD and RSI(14) are also taken into account. Considering the fact that previous pullbacks lasted around a week, I'd say that taking a short position on Monday wouldn't be a foreign idea, at least until the end of the week. After, a long entry would make sense.
Of course, anything can happen; no one can predict the market. So please do your due diligence if you decide to follow my idea.
I'll be updating this thread to see if my idea is sound or if it stands corrected over the next week. Thank you!
Comment:
$AIG is currently on a short-term downtrend so far this week, will be looking to enter a long swing setup at the lower 24s. So far, my forecast has been quite accurate, and the trendline's support level may be reached earlier than expected. Regardless, the lower 24s will be my entry with a stop loss in the lower 23s.