VERIZON LONG OPPERTUNITY

LOVELY RETRACE LOOKS COMPLETE AFTER SETTING A NEW ATH .....NOW TIME TO LONG ...TARGET .382 +.618

Comment:

I Expected a continued move up through the resistance above 55 dollars but that was clearly rejected .
From here i think we can either continue down to 53USD perhaps sideways and then up , but im less optimistic about this happening .
On the 1DTF i have drawn a well respected Acending channel and its looking to me that we are most likely going to retest the bottom of the channel before we go up .
This will take us to the 49/50USD region and the confluences in this range are the .618 and Volume profile validates a strong reaction if we hit this area .
Personally i favour this playing out and my trading plan will be modeled around this idea . I was already long from the 54xx and im happy to hold until the rest of the move plays out before adding .
I encourage anyone reading this to stick to your plan and know when your wrong, if the chart changes different to my idea then i will respond accordingly . I hope this analysis assists you with your trading plan

Comment:

Expecting some resistance up ahead at 57 although if we push through then 59 after but level by level i will update

Comment:

wow this is a slow mover i have to say

Comment:

reclaim the 57 resistance and 59 will be our next target

Trade closed: stop reached