Thought there are still more potential upside,
i choose to short first @ 126.10
It would be better to wait for -ve DI (red) to make higher high and bearish cross of +ve DI (blue) to cross below black signal line.
EW recently had a nice earnings beat and guidance raise. It is showing strong momentum and has broken out of a multi-year pattern. I bought a couple weeks ago, it may be vulnerable to some consolidation shortly but I think it will finish the year strongly. My target is $160 with a stop at $114.
2 months ago, i posted a monthly chart of EW showing a potential H&S consolidation.
The right shoulder seems to be completed half-way except that on daily chart, i anticipated another
higher high, while RSI would give me a higher low for me to buy long term put options.
Edwards Lifesciences Corp (EW) has been in consolidation phase since Sept 2010, forming 5/6 of a "Head & Shoulders" market top chart pattern. MACD momentum is getting lower on this last leg of uptrend. Immediate support level will be around 60 - 60.65, failing to hold, it would be a long term down trend most probably.
Though it is a Fundamental strong company,...
EW had a weak guidance forecast that disappointed investors and caused a gap lower, I am expecting a rally over the next couple of days to fill that gap by the end of the week.
EW has long term technical horizontal support at $62.50 that has held well all year and held again today. A bullish case can be made for the stock as it has made higher highs prior to the...
FYI the company will report its earning Feb 4th. This top triangle has a measured move of 27% downside from today's close. If you decide to take a short position make your stop loss at recent swing high $95 with target price $68. Join us www.woowtrading.net
