Strong uptrend very much intact after a 65% run this year. Looks ready to get going again after some nice consolidation. Good weekly bar so far and nice volume on the daily bars
EL is reporting before market tomorrow & we are looking for earnings option play here. It has heavy insider selling along with Twiggs moneyflow divergence. We think it has good downside potential with earnings, and we would consider $97.50 August Puts currently $1.80
* Trade Criteria *
Date First Found- August 17, 2017
Pattern/Why- Earnings Play (High Risk...
Signals:
1-breakout of inclined long-term support
2-formation of local bearish movement
3-double top with oncoming realization
Sell 91.89-91.50 (the breakout of double top neck)
Stop 94.28 (+1 tic of double top high price)
Target 85.00 (Elliots' waves+strong supporting price)
EL has been cropping up on my lists quite a lot recently - overall it is an upwardly trending stock and has been since 2009/2010. However, the trend is not at all easy to trade - even for a longer-term trend trader.
There have been many periods of extended consolidation - the duration (rather than the depth ) has been the main sticking point. In the last few...
