Last Friday we started a temporary rise and opened this week with a new gap up and have closed the September 30th window immediately. But this spike up became almost an Island Reversal when we failed to open the day higher today and even opened below yesterday's low. The bulls had the power only to close yesterday's gap up and gave up soon. Thus I expect the...
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Confirmation level, where relevant, is a pink dotted, finite line. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore...
CVS is shaping up to be a nice short trade for a couple of reasons:
First, CVS broke trendline support, the $100 area, and four major moving averages (9SMA(purple), 21SMA(blue), 50SMA(yellow), 200SMA(orange)
Second is the because it is forming a clean breakdown pattern with an achievable & worth while reward to risk
Last is because CVS is a down trending stock...
CVS monthly bearish hammer near all time high. Probably can see more upward movement in the wave 5 of the uptrend, but can also go down into ABC correction or 5 wave downtrend. Good turning point. Stop loss above all time high.
This is a a buy setup that already triggered but i jumped on the breakout above the narrow range red bar. This is called the 3 bar play. 200SMA (red line) is support and igniting from a narrow state with the 20 sma right below.
Entry 102.95
Stop loss: 101.89
Traget 107
The PEAD projected a Bullish outlook for $CVS after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 66.67%.
A cup and handle pattern may be developed in $CVS as we have have retraced to the .382 ratio in what appears to be the handle. I have a short term resistance in the 96.57 area. I'll very interested if we can trade above that area with force. Let's see how this plays out.
The "Decending Channel" pattern was identified on the weekly chart.
A "Double Bottom" pattern was identified on the daily timeframe, however, price failed to go higher. A closer look at recent price action and we have confirmation of resistance becoming support (see level 93.62). Though this is true, it is best to wait for a break of structure before placing...
Bearish
- Broke down upward trend line
- Price below 200MA
- MA forming death cross
- Declining momentum on the momentum theory indicator. Foresee turning red soon !
- PEG ( Price/Earning-Growth ) ratio looking at above 2 = overvalued !
Bullish
- Nil
- Nil
In downtrend
Previous Support became resistance
Earning 8/10/2022 Estimate 2.16
Short 95.5
Stop 97.5
Target 90, 85
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
Short (Entry Price) below the black line and exit (Stop Loss) above the red line. Can take profit at the suggested Target Price.
Entry Price: $100.72
Target Price: $99.41
Stop Loss: $102.91
CVS has broken it's uptrend and was rejected close to ATH all the way back from 2015. Hope is that it will re-visit top of new down trend channel and we enter a short from there:
Target 95,29: Previous down trend low
SL 110,10 : Above second latest top - looking on the daily chart
I'm short using CFD's
