AMR, Strong bearish candle below 143 triggers a safe short entry
AMR MAY offer a fresh chance for opening a short position !
Stock has recently lost 50 day moving average which now acts as strong resistance. Stock struggled 4 days to take this previous support back and was not successful at all .
AMR also, lost the last low ( marked by arrow ) which is a sign of trend reversal. In addition, It has completed the pull back to both lost low ( related resistance has been shown as a horizontal red line) and 50 days moving average.
Only remaining condition for opening a safe short position is a strong bearish candle below the cluster of candles shown by a circle.
Stop loss can be a bullish candle above mentioned cluster and 50 days moving average.
First target is around 104 and second target is around 70 therefore Reward/Risk ratio is extremely high.
I myself took higher risk and already opened a short position by using Elliott waves in Hourly time frame which can be reasonable considering market condition and sentiment however, more safe entry condition is explained above.
Hope this to be useful and wish you huge profits.
Stock has recently lost 50 day moving average which now acts as strong resistance. Stock struggled 4 days to take this previous support back and was not successful at all .
AMR also, lost the last low ( marked by arrow ) which is a sign of trend reversal. In addition, It has completed the pull back to both lost low ( related resistance has been shown as a horizontal red line) and 50 days moving average.
Only remaining condition for opening a safe short position is a strong bearish candle below the cluster of candles shown by a circle.
Stop loss can be a bullish candle above mentioned cluster and 50 days moving average.
First target is around 104 and second target is around 70 therefore Reward/Risk ratio is extremely high.
I myself took higher risk and already opened a short position by using Elliott waves in Hourly time frame which can be reasonable considering market condition and sentiment however, more safe entry condition is explained above.
Hope this to be useful and wish you huge profits.
Comment:
We made together another nice trade and made acceptable profit so far. Congrats my dear followers.
Comment:
AMR is heading toward our first target. Congrats.
Comment:
First Target Reached.
