Burlington Bounced Off Support

Burlington (BURL) found support on the monthly cloud. With just 3 trading days left in the month, there's little chance the candle will pierce the cloud. Monthly Stoch RSI highly suggests this is a major bottom. Monthly Fibonacci also validates the potential bottom.

Not financial advice.

Note

I acknowledge that I was wrong on this call. The Ichimoku Cloud did not support the price, and the cloud was pierced. My stop loss was triggered. I researched the chart to see why I was wrong and one possible answer is that price may be trying to correct to the $122.20 Fibonacci level. When trading you will never be correct 100% of the time. To be a successful trader you have to accept when you're wrong and quickly adapt. If you know how to manage risks well and cut losses while letting profits run, you can be wrong on your trades more than you're right and actually still be profitable.

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