Stock Of The Day / 12.12.24 / PLAY
12.12.2024 / 
PLAY
Fundamentals. CEO resignation amid yesterday's negative report. The so-called second-day trade.
Technical analysis.
Weekly chart: Exit down from multi-year accumulation.
Daily chart: The previous day closed near the strong level 29.34 formed by the trend break in September. We expect a continuation of the downward movement.
Premarket: no activity.
Trading session: Pure downward movement after the opening of the session. After the reaction to the level 27.00, the price entered a two-hour accumulation with a gradual tightening to the level. After the breakout, the price clearly holds the level, forming a mini tightening on the opposite side. A failed attempt to return beyond the level in the form of a candle with a tail against the trend strengthens the signal to short.
Trading scenario: breakdown with retest (tightening with retest) of the level 27.00
Entry: 26.89 when the structure of the mini tightening is broken. It is acceptable an aggressive entry into the breakdown without waiting for a retest.
Stop: 27.14 we hide it behind the tail of the failed return attempt.
Exit: After the breakdown we observe a smooth movement without a trend structure. It is optimal to take profit in parts for such movements upon reaching certain target RR profit (1/3, 1/4, etc.) with subsequent tightening of the stop.
Risk Rewards: 1/6
PLAY Fundamentals. CEO resignation amid yesterday's negative report. The so-called second-day trade.
Technical analysis.
Weekly chart: Exit down from multi-year accumulation.
Daily chart: The previous day closed near the strong level 29.34 formed by the trend break in September. We expect a continuation of the downward movement.
Premarket: no activity.
Trading session: Pure downward movement after the opening of the session. After the reaction to the level 27.00, the price entered a two-hour accumulation with a gradual tightening to the level. After the breakout, the price clearly holds the level, forming a mini tightening on the opposite side. A failed attempt to return beyond the level in the form of a candle with a tail against the trend strengthens the signal to short.
Trading scenario: breakdown with retest (tightening with retest) of the level 27.00
Entry: 26.89 when the structure of the mini tightening is broken. It is acceptable an aggressive entry into the breakdown without waiting for a retest.
Stop: 27.14 we hide it behind the tail of the failed return attempt.
Exit: After the breakdown we observe a smooth movement without a trend structure. It is optimal to take profit in parts for such movements upon reaching certain target RR profit (1/3, 1/4, etc.) with subsequent tightening of the stop.
Risk Rewards: 1/6
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Если у вас появились вопросы по данному разбору, у вас есть альтернативное мнение или вы хотите поделиться собственной акцией дня - добро пожаловать в Telegram t.me/stock_of_the_day_channel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.