demyanchuk

AMG TRADING OPPORTUNITY

Long
NYSE:AMG   Affiliated Managers Group, Inc
There are 3 strong longing signals gor entering the position:
1- double bottom (confirmed by the brealout of neck)
2-pennant with oncoming breakout
3-volumes during formation of double bottom support the idea of trend reversal.

Buy 147.40-148.00 (the breakout of pennant's resistance level )
Stop-loss 137.00 (7% of allowed risk; if it's possible move stop-loss to 131.00 (-2 tics under double bottom )
The first target 160.00
The second target 180.00 (according to levels of resistance and Elliot's waves.)
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