Good risk / reward ratio on this trade.
Ascending Triangle.
- Target Entry: $34.20
- Stop Loss: $33.36
- Target Exit: $37.05
- Risk / Reward Ratio: 3.39
About me
- 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...
Accumulation above 60 VMA +++
Backtest of the trendline support ++
Holding on the volume shelf +
ER on Nov 16 might break this one or the other. Good R/R here with small stop loss.
ERs have been very volatile with huge swings. I prefer this to breakout and base for next leg up.
No position yet.
Gap and go past ER indicates strength.
200 EMA backtest, 60 VMA, and MACD signals are all green.
Two ways to trade,
build a position below 33 and set it as a stop loss
Wait for test of 35/36 and enter on the hold of 33.
WMG net positive volume has increased quite significantly this past few days conveying that long term price shift is about to happen.
On the daily data, WMG is sitting at a very discounted price of 1.0 FIB LEVEL -- the most bargain level you could get. Best price to seed at this range.
Higher lows on both price and histogram has materialized signifying the...
WMG - Some controversy stirring the pot with one of WMG's biggest artists Ed Sheeran, according to the latest news Sheeran was found not guilty nor liable in the copyright lawsuit against him and eventually affecting the company-owned labels Asylum, Atlantic, Elektra. Potential recovery from that development combined with good earnings in the upcoming week could...
Warner Music is trading up around 3% today following Atlantic Equities upgrading the stock to overweight from neutral. The firm said Warner Music has shown that it can continue to deliver growth in streaming despite a difficult economic backdrop.
Technically, I like and betting personally on the upside here, if we can break down supply at $34.90, then a run into $35.00
Lately I've transitioned into focusing more on longer term swing trades. It helps with drowning out the noise and zooming out to the bigger picture. After all, money is made in sitting and waiting.
This is the weekly chart of $WMG. It's a clear illustration of accumulation of the stock, before an emphatic break above its IPO high of $35ish. It's building another...
Hey traders, WARNER MUSIC GROUP is in the current situation refusal of sellers confirmation of current sale, but the market could turn around but go up with the possibility of breaking its range.
Please LIKE & FOLLOW, thank you!
