Very large broadening formation formed on the monthly dating back to 2013. Current R:R ratio with a stop under the previous month low and a reward to the top of the broadening formation is 9:1. Smart move would be to wait until previous month high is breached and get a confirmation close 3day at least and gauge risk from there. But something tells me that a strong gap up won't give you that opportunity. The risk of taking a small starter position here with strong closes is worth a look. Beware: earnings next week...
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On the radar: Strong buy entry above $40.76 when it takes the month up, with the near term target of stopping out the shorts sitting above the October high $41.09. This should add enough fuel to attempt to squeeze out any remaining stops placed above the Dec 2018 lows of $41.38. A daily close above $41.38 is very strong. Near term target would then be $46.42, the 2019 Q2 lows. Mid term target $53.72, expanding the previous quarter to the upside. Long term target $70.10+ into new all-time highs.
On the radar.. All hands man your battle stations. $40.76 potentially incoming, stop revised to $39.59. Risk of 2.87%, manage your position size accordingly.
Full time frame continuity to the upside. Add on every hourly new high, move stop under the hourly low.
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A little late on this but the CBS / Viacom merger creates ticker VIAC. I was stopped out at $37.37, nearly the low for the day, but re-entered at $39.84. If stopped out again on the days low will just have to re-evaluate next week. I'm not sure what the price action will hold post merger so will probably move on to something else.
A little late on this but the CBS / Viacom merger creates ticker VIAC.
I was stopped out at $37.37, nearly the low for the day, but re-entered at $39.84.
If stopped out again on the days low will just have to re-evaluate next week.
I'm not sure what the price action will hold post merger so will probably move on to something else.
I was stopped out at $37.37, nearly the low for the day, but re-entered at $39.84.
If stopped out again on the days low will just have to re-evaluate next week.
I'm not sure what the price action will hold post merger so will probably move on to something else.