Price has been down-trending since the beginning of August and I am expecting the momentum to continue in the short-term. Wendy's is a great stock, however, we might be reaching new support before resuming the rally. This is why it is important to get out fast if we turn a profit.
Lack of resistance confirmation means that we are chasing the price. However, my Stop/Loss is tight to reflect that.
- Target Entry $20.65
- Target Stop Loss $21.04
- Target Exit $19.56
- P/L September +33.74% | August: +232.32% | Historical Win Ratio 70.59% | No Trades without Analysis
- Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss
It all depends on how the market opens today.