All technical traders are aware that 75% of gaps fill. In this case we saw a large surge to the upside. Following that the price was rejected by heavy volume as it came into resistance at the $69 handle. If the price breaks below $65.30, a break of support, investors should considering shorting the stock for a fill back to $61.
This is a swing trade. AAPL is trending on long term support. Critical area of $105-106 is important for upside and downside momentum. Geometrically, shares are setting up for price consolidation. We recommend traders set a stop near $102. We have a price target of $116, our estimated resistance.
CBI just completed a gap-fill. Today shares declined approximately 4% on below average volume. We view this activity as a setup for consolidation and upward price action. To the downside we are assigning a stop just below $36, for upside we are setting a $43.50 target. We recommend investors scale into their positions around $39.
Good luck to all.
$WFT is forming a rising wedge continuation pattern at a 45 degree incline. This is not aggressive however accumulation appears thin against relative strength. If price breaks below $10.50 look for volume confirmation to sell short. $9.75 downside target. We geometrically estimate that traders should set a maximum $11.25 stop to avoid unexpected strength.
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