Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 39.3/61.80%
Chart time frame : C
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : A
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
NYSE:USFD
Possible Scenario: LONG
Evidence: Price Action, Reversal Candlestick, Unusual option activities for July at 40$
TP1: 34.5$, TP2: 37$ TP3:40.5
Stop loss: EMA 100 ~ 30$
This is my idea and could be wrong 100%.
Based on it's uptrend, rebound from support and a familiar chart pattern confirmed by my technical indicators, I expect at least half a percent of profits IF $USFD exceeds today's high of $38.78 during tomorrow's session.
US Foods just crossed its immediate short term resistance however i think this may not be a break out given it is rallying with the market. in a very short term i.e. in next few days it may come back to below 19 level. I would interested to buy if it tests $17 level again.
TA + common sense= go long. People still need to eat and Covid-19 isn't going to change that. USFD is one of the largest food distributors in the US, distribution channels may change but this stock has long-term huge potential. Long-term play that provides a robust holding
*Personal interpretation, not investment advice
This stock actually popped up on one of my daily scans that I run each day, and it came up on my BEARISH scan. However, once I zoomed out to the weekly chart I actually really like this as a weekly bullish play.
The weekly chart is trying to exit an oversold condition with little volume resistance overhead. It has broken out of a bullish wedge pattern after...
This stock is over stretched, weak management who base everything on the industry and does not have the energy or will to innovate. It has done well over the past few quarters, but insider activity tells of a lack of confidence in the stock.
