Tornado_Trading

Triple bullish divergence AMT

Long
NYSE:AMT   American Tower Corporation (REIT)

AMT Weekly:

The weekly shows a rejection candle that went up to -1 ATR, a point of reversal the last couple of weeks that often resulted in a pullback to the 21 EMA . MACD Histogram is ticking up, although EFI is hanging around its EMA and not showing much strenght yet. Stochastic RSI is bullish and its %D line is rising.


Daily:
There is a nice triple divergence here, on MACD-Histogram and Elder Force Index . Then a ATR channel divergence on the current decline as well. Stochastic RSI is coming from an oversold condition and supports the idea of prices going up here. Also, MACD lines are diverging as well, which is a strong sign.

Entry: 2.315
Target: 2.435

Stop: 2.24

R/R ratio: 1:1.6
Trade closed: stop reached: Bummer. Sometimes it happens, this did not work out.