GT trade ideas
Goodyear: A nice daily long opportunity Goodyear looks a lot like Alaskan Airlines (posted by Ivan Labrie, link down below). I think this potential long is worthy of .5% risk until we see 5 days with no new low/additional convincing action that will allow us to add/trail stops.
Entry: Market
Target: 31.18
Stop: 26.82
Short GoodyearWithin the weak Tires sub industry, Goodyear has been losing upside momentum and is starting to underperform the S&P since May 2014.
Technical Analysis:
- Bearish Divergence from May to now
- Price has been holding bellow the 20MA on the weekly chart with a mean rejection at the beginning of Sep
- Downtrend on the relative performance chart with the S&P
Initial target:
50% fibo retracement at 20.26 which is above the long term uptrend support from 2012
