Wal-Mart has drawn my favorite pattern, a diverging double bottom with a false breakout in an uptrend. I have a buy limit order at 75.66$, stop at 74.60. Target is at 79$, allthough depending on how the indices play out, I might take profits at 77.50$, if I get scared.
Buy limit got canceled automatically because it was a day only, so I had to enter manually. Did that today 23.06.2014, at 77,84$
Comments
vlad.adrian
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Put my stop at 74.67, instead of 74.60$ as I said in the description and got stopped out on 27.06.2014.
TradeVulture.com
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Weekly monthly charts suggests a short with a profit target between 60-65.
vlad.adrian
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With my system, the weekly tells me nothing, it is flat, and whenever it is flat I take only daily signals. Of course it's not as good as it would be if both timefrimes pointed in the same direction, but considering the momentum in the overall market plus this bullish divergence, I take the bet, if I get filled.
clevernamegoeshere
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1M chart points to an upside to about what you're expecting before resolution, which might end up being bullish. A flag in a trend suggests continuation of the trend.
70 hasn't been tested since early 2013, and 65 hasn't been tested since 2012. It's unlikely to happen unless there's major news or the market turns super-bearish.