BHGE is approaching our first resistance at 27.49 (horizontal pullback resistance, 61.8% fibonacci extension, 38.2% fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 23.87 (50% fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance where we might see a corresponding drop in price.
BHGE is approaching our first resistance at 27.49 (horizontal overlap resistance, 61.8% fibonacci extension, 38.2% fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 23.87 (horizontal swing low support, 50% fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance where we might see...
BHGE is overextended from current bearish channel.
Price target is $31 for October, but watch for a drop in price Monday to confirm.
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Good time to write weekly put options and/or sell stocks. Look for best and highest quality setups in stocks, be a picky and patient trader. This is a great example of finding stocks running against a major resistance and turning or retracing for rest of month.
The overall bearish trend of this stock plus that huge stall around 31.10 makes for a ok looking short play. Plus, I need to round out my portfolio with a few bearish stocks, now that we're in this weird sideways market. Will exit at the 2R mark before it gets into that support area again down at 25.50.
BHGE has a bottom trendline dating back to early 2014 and recently has bounced hard off of it with some good volume. If it can continue the moementum and break out above the 50sma and top trendline it can make a very nice move and retest the 200sma.
I really can't decide if i should call it a giant falling wedge or a giant rectangle top. Either way its a bearish chart. Indicators are all bearish. Overall trend is neutral on the monthly chart, but bearish on the lower time frame charts. I encourage you to scroll down the lower time frame charts. They all look bearish...right down to the 15 minute chart. Ill...
BHGE seems forming a potential flag formation. Mone flow rising very strongly. We think the upward momentum would continue If it can break $35.13.
* Trade Criteria *
Date First Found- January 8, 2018
Pattern/Why- Possible flag formation
Entry Target Criteria- Break of $35.13
Exit Target Criteria- N/A
Stop Loss Criteria- $32.87
Please check back for Trade...