TomP
Long

Hoast of indications for a potential rise in Diageo.

LSE:DGE   DIAGEO PLC ORD 28 101/108P
Despite the recent rally in the FTSE 100             , Diageo has lagged the market. However, potential buyers may come in around 1757 as this is:
1-the base of the tram line I have drawn in. Tramlines offer great low risk entries and you can often anticipate where the price will bounce by locating a trend line and then drawing a parallel one through the lowest low like I have here around 1700.

2- the 1757 area has been a level of support in the past-see olive circles

3- the 1757 area completes an A-B-C corrective wave where A and BC             are equal in length

4- the Stochastics are oversold and showing a little divergence

Target of 1950-2000 depending on market structure up to this point.

Stop at 1720 for a low risk trade.

This is just an opinion, not a trading tip. Lets see what happens!
Ideas Scripts Chart