Approximately a 7 year uptrend in Kellogg, in the form of an Ascending Wedge. Short term Descending Channel to the bottom of the Ascending Wedge. Immediate entry at touch of upper trend line of Descending Channel, exit at touch of bottom trend line of Ascending Wedge. Most likely K will trade sideways in the triangle shown for the immediate future. K will probably...
Kellogg Technical Analysis:
-The price has been fluctuating heavily near the top of the multiple channels long term channels.
-The recent price action is taking the of a bearish rising wedge as well.
-A major monthly long-legged doji at that resistance area
-Bearish divergence on MACD
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I recently posted a chart of the DOW saying that we are very close to a major correction, if not a bear market. So it's time to look for shorts. Kellogg has a very nice pattern forming, a double top, with a divergence and a false breakout. I won't short it yet, I will be looking for a daily setup, which is probably coming in a few days. First target is around 63$...
Nice action today the buyers have stepped on this major support level.
We have nice Bullish Harmonic pattern lined up with a major Fibonacci zone.
Stoch is oversold and previous history of the stock has shown the stock bounces back hard when in oversold status.
MACD is looking to do a bullish crossover.
I will start a position here at 62.27 and add if needed. The...
