Breakout/false breakout coming?!
The WMT has just touched its daily resistance for the fourth time.
Stocks tend to break out shortly after the fourth time.
The fact that the graph shows a "bull flag" strengthens my previous statement.
In addition, the MACD has-had a weak bearish momentum, while the broader market had a big bearish momentum.
However, the RSI continues to show a downward trend.
Moreover, today's candle is weak while the broad market is rising.
It seems to be rejected by the daily resistance.
My assumption is that, there will be a sudden shift in one direction or the other.
It will be due to a breakout or a false breakout.
If you are asking me, a "straddle" might be the best way to play it.
Support: 132.06, 129.79, 125.86
Resistance: 135.88, 142.08, 145.91
Stocks tend to break out shortly after the fourth time.
The fact that the graph shows a "bull flag" strengthens my previous statement.
In addition, the MACD has-had a weak bearish momentum, while the broader market had a big bearish momentum.
However, the RSI continues to show a downward trend.
Moreover, today's candle is weak while the broad market is rising.
It seems to be rejected by the daily resistance.
My assumption is that, there will be a sudden shift in one direction or the other.
It will be due to a breakout or a false breakout.
If you are asking me, a "straddle" might be the best way to play it.
Support: 132.06, 129.79, 125.86
Resistance: 135.88, 142.08, 145.91
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