looks like Kellog (RIC: K) is on the verge of trend change:
Rational:
1) Down trend Line broken with price validating this break ( see green eclipse);
2) Resistance now turned support at 70.80$ was broken;
3) RSI bottoming at around 45% ( sign of a bullish break);
although a bearish divergence ( see Black arrows) is there it looks like it has a minor effect on the bullish momentum buildup.
Trading Implications:
Buy at market ( now 71.12$);
Target (s): 73.75$ - 76.50$ - 78.30$;
Stop: A 2 days close Below 70.80$ or an 2% break of 70.80$ = 69.38$;
In the News:
Quoting form Credit Suisse following a meeting with top management : "Without giving explicit guidance, we heard a profound degree of confidence that the company can generate top and bottom line profit growth in 2019"
Rational:
1) Down trend Line broken with price validating this break ( see green eclipse);
2) Resistance now turned support at 70.80$ was broken;
3) RSI bottoming at around 45% ( sign of a bullish break);
although a bearish divergence ( see Black arrows) is there it looks like it has a minor effect on the bullish momentum buildup.
Trading Implications:
Buy at market ( now 71.12$);
Target (s): 73.75$ - 76.50$ - 78.30$;
Stop: A 2 days close Below 70.80$ or an 2% break of 70.80$ = 69.38$;
In the News:
Quoting form Credit Suisse following a meeting with top management : "Without giving explicit guidance, we heard a profound degree of confidence that the company can generate top and bottom line profit growth in 2019"
Trade active:
First target almost there
Trade active:
Reached
Trade closed: stop reached