[Boeing CO] A Risky Long Set Up
Updated
This is tricky because we're near yearly high
and the price has indeed soared quite rapidly
in the past few weeks.
In fact, in-house estimate of momentum shows
weakening of momentum in the short run so there's
definitely a possibility that we make a lower high
from here.
But until then, price seems quite bullish and we have
recovered from 20ema support on 4 hr time frame.
Stop loss for this trade is set roughly at 144.5.
First target is $150 - that's already a 2 R:R!
I personally think we will break $150 by the end of December.
Good luck.
Edit: If you're going to go long I advise you to do so on Monday open assuming price doesn't gap up.
and the price has indeed soared quite rapidly
in the past few weeks.
In fact, in-house estimate of momentum shows
weakening of momentum in the short run so there's
definitely a possibility that we make a lower high
from here.
But until then, price seems quite bullish and we have
recovered from 20ema support on 4 hr time frame.
Stop loss for this trade is set roughly at 144.5.
First target is $150 - that's already a 2 R:R!
I personally think we will break $150 by the end of December.
Good luck.
Edit: If you're going to go long I advise you to do so on Monday open assuming price doesn't gap up.
Note
Keep in mind that the red arrow scenario can play out as well. Monitor daily timeframe carefully and see if there's a bounce at the 20ema (daily tf).
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