Our Stock of the day / DAL

Today, we have a short setup to share. Here we will give you a full explanation of what we expect

a) First we want to see the Weekly chart: We can see a major resistance level

b) Working from that level, we can go to the 1H chart. Here we can see a range with an inner zone ( Minor support zone / the expected target for the bearish movement)

c) Inside the Range, we can see a broken ascending trendline + corrective structure making a pullback on that broken structure

d) The corrective structure is composed of an ABC pattern. From a technical perspective, the structure is finished and is ready to trade

e) We have set our Entry orders below B and our Stop above C. Our Break Even level is defined with a horizontal yellow line. Finally, our Take profit is the Minor support zone

f) The risk Reward Ratio of this setup is 1.54

g) We will use 1% of our capital as maximum risk on this setup

h) We will cancel the setup if the price keeps rising and we lose our Risk Reward Ratio above 1.5

i) REMEMBER: Trade safe, protect your capital, and always understand what you are doing.
Thinking Ants.
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