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Burberry - Sitting at strong support - 1035p
We see nice range between 1818-1585.5. I think we can try to swing trade in this range. But I think better to get in the game at the time of breakdown. Let's see
Simple bullish setup with good Money management (R/R> 1:3) Burberry Group plc is a manufacturer, wholesaler and retailer of luxury goods. The Company also licenses third parties to manufacture and distribute products using the Burberry trademarks. The Company's segments include retail/wholesale and licensing. The Retail/wholesale segment is engaged in the sale...
The Entry My favourable entry would have been at 1856.5, however the current price at 1729.0 is a clear break down of the 0.382 fib level This is also tied to the overall bearish market direction and sentiment The Situation Technology stocks have taken a beating and in light of the trade tensions and lower CN travellers, luxury stocks are in a very...
Burberry, 4 days ago hit bottom...struggled to continue. Opened a long position on 24/09 Entry: 1995 Let's see..
Bought Burberry back on January 30. It is a small and rather an unusual liberal trade for me. I am looking for price to bounce up to 1770 within a few weeks. Otherwise, I am stopping myself at 1484.
Bearish divergence if followed by a downside break from the rising channel would signal the rally from 1039 (June 13 low) has topped out at 1879. The stock could then proceed to test demand around 1543 (April low).
MACD, though below zero, shows the momentum has stalled. A day end close below the rising trend line would open doors for a further sell-off to 1277 (August lows). It is advisable to be on a 'wait and watch' mode. On the higher side, only a daily close above 1450 would signal a possible revisit to recent highs around 1550.
Burberry's sharp rise this week suggests a bottom is in place around 1080 and once prices break above falling trend line hurdle seen today at 1320, the doors would be opened for a test of double bottom neckline resistance at 1468. On the other hand, a failure to break above weekly 50-MA level of 1261 followed by a retreat below this week's low of 1160 could...