Just picking up a few more shares at $60, seen mixed reviews about this stock so I intend to only buy A FEW. This way if it declines a little more I can pick up some more until I feel good enough with what I have.
A couple of months ago I made a chart prediction and this is just a scoped in the version of it.
Love the r/r on the short setup here, wish I would have seen it while the market was still open. Massive gap up right into massive resistance (50 sma plus bottom side of triangle breakdown. MACD still below 0, RSI couldn't get (and hold) above 50. Will look to enter puts on a break of today's lows with a stop at $54.00.
Realty Income Corp (O - US) is in WXY complex correction wave pattern from major top as shown in chart. X wave was triangle, which broken with huge volume. Wave C of Y down now started, but wait till impulse 1st wave to complete as token of confirmation.
We are seeing unprecedented times these days in many respects. With that said, everything will ultimately get back to normal and REITS have been hammered a little bit too harshly here.
For $O, Monthly RSI has only been this low twice before.
My personal strategy here is to take advantage of these gift levels, load up on shares under $50, turn on drip and check...
Cup & handle breakout in full effect. Will the pattern give it enough momentum to push through the long-term uptrend line? Price action today felt like it will. Currently sitting right at resistance after making new all time high today.
A clear breakout on resistance in this clear ascending triangle and an opportunity to enter Long on this company.
As usual we try to ride the trend as much as possible according to the parameters of one of our strategies in the stock market.
Remember, Risk Reward with a certain % probability of success of your trade is the key to making profitable trading...