Shares of TD appear to be pulling back to test a breakout level at ~$53.50, which coincides with a rising channel bottom. I'm a buyer at that level and will be targeting ~$66 on the upside, or +23% from here. In a rising rate environment and given the technical setup, I expect shares to outperform over the next several months.
Ended the day off with a huge hammer signalling a move up, MACD is also making moves for a crossover, TD could possibly be making a move up to test the strong resistance @ $75.
Be careful though, TD is currently in a bearish state, the resistance has already been tested a total of three times, forming a triple top. However, I think a scalp here is certainly...
Short TD
- lots of upper wicks on daily is smart money selling into strength
- bollinger bands tightening means move is coming soon
- retest of red breakout line before moving up higher (see attached chart)
Just a note - the better trade would be to try to grab some shorts once price hits the lower line of the blue channel.
