XLP has bounced off the 200MA. The last two moves pushed slightly through it, like this one, and the subsequent ramp was at least to the previous high (Feb-Mar) if not higher (Jan). The 2018 price/action below the MA shows this stock does take that indicator into account.
The recovery looks to be finishing the final sub-wave of W3. March shows a slight pullback, so entering at 57 with a 1% stop (56.45) and a target of 59 (Jan 18 ATH) gives an RR of 3.64.
XLP is of course a seasonal defensive.
The recovery looks to be finishing the final sub-wave of W3. March shows a slight pullback, so entering at 57 with a 1% stop (56.45) and a target of 59 (Jan 18 ATH) gives an RR of 3.64.
XLP is of course a seasonal defensive.
Trade closed manually
Got halfway there, then hit by late May. A wider stop would have made this a winner.
David Atherton
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
David Atherton
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.