CMA is approaching our first resistance at 88.30 (horizontal pullback resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 76.33 (50% Fibonacci retracement, 61.8% Fibonacci extension). Stochastic (55,5,3) is also approaching resistance where we might see a...
CMA is approaching our first resistance at 88.25 (horizontal pullback resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 76.02 (horizontal swing low support 50% Fibonacci retracement). RSI (55) is also approaching resistance where we might be seeing a drop...
Deregulation and higher rates are good
This could be a nice put opportunity really soon!
Comerica is another stock picked up by the SW because of a double pattern. The last candle comes after a gap and after a pullback on suport: this may be a good candidate for a long strategy to open on monday.
Long > 52.15 Stop - 52 Target - 52.5 / 53
After a 5 up and 3 down and other 5 small wave up, we could be approaching the end of minor wave 1 of the 3 or C. Additionally, the chart also shows a HS pattern. High probability trade with well defined risk.
Going into Earnings on the 19th CMA touched a Weekly & Daily resistance level. I bought October Puts in the office but was called away on a home emergency (kitten in an AC duct, no joke) so just blogging at end of day.
CMA is testing the breakout...with tailwind of probably increasing interest rate. I think it is time to get LONG as lot of stops waiting to be hit between 47 to 48.5 which can provide good momentum.
The Ichimoku pattern has been broken as well by the cloud and the Kijun-Sen.