Hey guys, HENRY SCHEIN is in a bullish movement on a strong trend support, the sellers were pushed back with force. HENRY SCHEIN climbs to the top of his stabilization zone, strong propability to breakout this zone to go directly to the top of the next one and seek the next higher point.
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We are still waiting for the Breakout on this double pattern in HSIC, head and shoulders of continuation and ascending triangle.
As always alerts will inform us to have the right timing by entering long in the market.
We are currently about four years into the development of this pattern, and a possible breakout could lead to start a new market rally...
Analyze it as an Ascending Triangle or as a Head and Shoulders of Continuation...what we focus on is simply the level of resistance, in which either the price breaks or bounces, and depending on what happens we operate or wait.
At the end in this case if we define it as Ascending Triangle the reading of the pattern has highs of equal level and higher...
Looks like a coorection is coming for HSIC (Henry Schein). It's a stock with a price footprint I like, so I will devote a small amount for some Long Puts (30-60 days long) and see what happens. Always a percentage of the position put aside for hedging. Good luck!
This if it is a Double Top (M) of big proportions from a weekly view, look the magnitude of the bullish trend line
The Double Top (Confirmed)
The main Bull Trend line was broken in 2017-09-18 (Confirmed)
and some weeks after, the price did a bearish gap, visible from the weekly chart, that could not be filled, look (Red Circle)
Wait for a support...
Henry Schein stock has become quite bearish after breaking a long 8 year trend support line in October 2016. The stock then tested this same trend line which became resistance and was rejected twice resulting in a 5-6 month sell off for ~30%. The mid Nov. 2017 low seems to be a long term floor for the stock and the price has had healthy gains since then. The MACD...
HSIC Henry Schein
A. Volume surge on breakout, double the average.
B. Highest price for the last 10 years
C. Mansfield RS in positive zone
D. 30 MA below price
E. Target Price $160
Therefore, buy in-the-money options July 2015 expiry date. Target price $160 or beyond, exercise if reached or let the options expire.