In this version the target is within the previous swing low. R:R is compromised but completion chance is higher. If entry is activated, use the Ladder to trail stop loss.
Goodyear looks a lot like Alaskan Airlines (posted by Ivan Labrie, link down below). I think this potential long is worthy of .5% risk until we see 5 days with no new low/additional convincing action that will allow us to add/trail stops. Entry: Market Target: 31.18 Stop: 26.82
forming a hammer on the daily today, worth watching
Putting this on watch for the next month. Nice earnings run, looking for a orderly pullback to support or DMA with low volume. Also looking for Stochastic to work off its overbought level. Stock is way to extended and due a pullback or consolidation phase.
If you missed the initial break out you may get another chance soon.
GT expected to open at 26.81 for a Perfect Gap N Go. To learn to trade this strategy for free go to www.RealLifeTrading.com
- Auto and Tires are under-performing the S&P - GT has formed a down trend - Short on a break below 24 along with a bearish market condition (reversion to the down trend )
Within the weak Tires sub industry, Goodyear has been losing upside momentum and is starting to underperform the S&P since May 2014. Technical Analysis: - Bearish Divergence from May to now - Price has been holding bellow the 20MA on the weekly chart with a mean rejection at the beginning of Sep - Downtrend on the relative performance chart with the S&P Initial...
If does not brake resistance of 23.13, most likely will go down again and price target should be around $22.50