ESLT - Elbit Systems - Interesting long-term perspective

artemfedorov Updated   
The weekly ElliotWave (EW) chart pattern on ESLT shows rather lucrative long-term potential. Besides that we may notice fine weekly cap-and-handle formation near all time highs 80780 area.

Price shows relative strength to general TASE index (shown on the liner chart above) and I like how the volume and volatility subsides in the right handle area of the chart.

If the price manages to break-out above 80780 pivot with rising volume, I would consider this constructive for any position/swing longs. In more granular view, with todays gap-up open with volume already approaching yesterdays highs, it is reasonable to consider opening initial position with tight staggered 3-5% stops, with an idea to add to position if price advances to and breaks-out from the long-term pivot point mentioned above

Trade closed: target reached

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