Classic 4x4 Retracement Setup on AMG
Updated
After setting a new monthly high close of $200.43 on December 8th (note the negative divergence on the 10-day RSI), AMG put in four lower closes, setting up a potential "4x4 Retracement" signal on Friday, December 15th. AMG did not disappoint, closing up 2.3% on 2x average volume on Friday - signalling a trade entry for Monday.
Trade closed: target reached
Closed this one today @ $206.67. I was actually looking for $212.60 but the holiday volume just didn't support it - and I don't want to hold over the 3-day weekend.
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