BMW trade ideas
Ascending triangle / wedge playLonging this with btc at 1broker. I think a tight stop here is good for good R/R. Could break out this bounce, maybe next. Stop below monthly pivot & the support level there, several targets marked based on pivots closest to triangle scaling, flag scaling, and wedge scaling.
BMW Double Bottom - Buy SignalBMW has formed a double bottom as shown on the weekly chart along with a decreasing volume which suggests a lack of selling pressure. We are now waiting for a confirmation signal from the RSI to break through its trendline before opening a position on this stock. We expect price to test the upper trendline of the triangle before breaking through should the UK decide to remain in the EU as UK is a huge importer of BMW cars. It was also reported a few days ago that BMW plan to accelerate plans to innovate driverless cars by partnering with technology companies and acquiring start up companies. On the long side, we expect this pair to head towards the €100 level. Alternatively, if the fundamentals send price down, we expect it to target the €50 level.
BMW: Nice looking long setupBMW AG has triggered a nice buy signal today, we could enter at market, with half risk size and look to add if we hit 81.61 to complete our position size.
Go long BMW @ market price (last: 82.21)
stop loss @ 80.36
Target #1 89.78, target #2 98.62.
I'd risk half on the first position, and expect to let this trade run for at least 2-3 weeks if not stopped out.
Good luck if taking it.
Cheers,
Ivan Labrie.
