This trade is purely technical and focuses solely on price action and Fibonacci. The stock seems to have retraced to its 61.8% retracement after a strong bullish surge that indicates a potential HH sequence. The price suggest that markets may start to consolidate for a few days before the next leg up.
S/L is placed relatively tight; placed under a bearish wick below the 78.6% retracement. If S/L was hit, would re-enter a buy trade at that price with a wider S/L.
T/P is placed at 2 levels, the 1.618 Fib ext and 2.618 Fib ext. Would take out 1/2 of the trade at each level. Closing the full trade at 2.618 Fib level. But will depend on market sentiment in the coming weeks.
( The stock has a good product in the fitness industry and as more people are becoming more health conscious, this stock seems to be a good buy in this sector.)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.