After a longer sideways phase in the first third of the year, the price kept ricocheting off the SMA 200, until it was finally able to exit the sideways phase downwards. After the subsequent correction, once again back to the SMA 200, there was a renewed sell-off with considerably higher volume. Currently, the stock is in a correction and is slowly becoming interesting for short entries, since the ever-important SMA 200 is once again drawing near.
In the hourly chart, we can see the current running correction, which has yet to develop in our preferred trading direction. For a short entry, one should wait for the formation of a signal, e.g. in the form of a P2, and place the stop loss above the last P3. Alternatively, and with the advantage of a more favorable stop, one can practice trading out of the correction i.e. the formation of a reversal candle at a significant point.
The targets are located in the areas around $108.00 and lower, which makes the stock even more attractive for short entries.
If the price considerably exceeds the last significant high at approx. $134.00, the short scenario should be abandoned for the time being.
Before trading, one should take news in the environment and from the company into account. Similarly, one should also observe the development of the overall market.
Disclosure of possible conflicts of interest: at the time of publishing this analysis, the author is not invested in the securities or underlyings discussed. Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer’s investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. It is expressly advised to observe our usage regulations and risk information, available under the link Legal Information on this internet page.
In the hourly chart, we can see the current running correction, which has yet to develop in our preferred trading direction. For a short entry, one should wait for the formation of a signal, e.g. in the form of a P2, and place the stop loss above the last P3. Alternatively, and with the advantage of a more favorable stop, one can practice trading out of the correction i.e. the formation of a reversal candle at a significant point.
The targets are located in the areas around $108.00 and lower, which makes the stock even more attractive for short entries.
If the price considerably exceeds the last significant high at approx. $134.00, the short scenario should be abandoned for the time being.
Before trading, one should take news in the environment and from the company into account. Similarly, one should also observe the development of the overall market.
Disclosure of possible conflicts of interest: at the time of publishing this analysis, the author is not invested in the securities or underlyings discussed. Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer’s investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. It is expressly advised to observe our usage regulations and risk information, available under the link Legal Information on this internet page.