Hey all,
so yesterday's sell-off is giving us a very favourable technical set up coming into Earnings next week for SONY.
Looks like a no brainer in my opinion since:
1. Upcoming earnings catalyst and SONY is very likely to beat
2. Price is tapping its Daily 200-day MA once again, and hasn't lost it since March 2020...
3. Price is at the tight end of a rising wedge formation. Sure there is no guarantee of a bullish reaction here, but combined with the above points it's looking for more favourable than not.
Furthermore, downside looks very limited, to the areas marked in red on the chart.
Volume has also been quite weak, something to keep in mind.
Risk / Reward set up looks very favourable here.
Any thoughts??
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
so yesterday's sell-off is giving us a very favourable technical set up coming into Earnings next week for SONY.
Looks like a no brainer in my opinion since:
1. Upcoming earnings catalyst and SONY is very likely to beat
2. Price is tapping its Daily 200-day MA once again, and hasn't lost it since March 2020...
3. Price is at the tight end of a rising wedge formation. Sure there is no guarantee of a bullish reaction here, but combined with the above points it's looking for more favourable than not.
Furthermore, downside looks very limited, to the areas marked in red on the chart.
Volume has also been quite weak, something to keep in mind.
Risk / Reward set up looks very favourable here.
Any thoughts??
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Comment:
Looks good!