Diageo looking bearishYou may have learnt that a triangle pattern in an uptrend is bullish? Here's a good example of wait and see, where the price has broken to the downside. Looks bearish to me.
Diageo
Diageo bearish. DEOGoals 190, 186. Invalidation at 239
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
Diageo Defensive stock bullish rally IdeaIn the past few months with the rise of Corona virus Diageos stock price has really taken a hit with profit losses for the leading spirit making company. Asia is in lockdown due to the virus and othewr consumers around the world are also suffering causing Diageo to take a real bad hit. However this stock is classed as defensive due the fact of even in hard times people generally seem to opt for alcohol or cigarettes etc it is rare to see huge movements to the downside like we are seeing so that is why i am predicting upside movement soon. With the weekly trend line constantly tested over the past few years the long term bias definitely indicates strong bullish movement.
Confluences for this trade
1.Weekly trend line constantly tested.
2.Multiple time frame confirmation of bullish movement
3. Price is currently at a previous support level and key area of price.
4.Defensive stocks RARELY see huge movements to the downside with exceptions of a global scare like we are seeing right now with the corona virus.
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Diageo... Viva Tequilla Bull
Based on technicals Diageo looks to move long back into the daily trend.
Diageo will pay $700 million up front for four-year-old Casamigos Spirits, co-founded by Hollywood star George Clooney and two of his friends. Who doesn't like tequilla or Clooney? Worst case scenario.... yet another celebrity pump and dump.
DISCLAIMER:
This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.
Hoast of indications for a potential rise in Diageo.Despite the recent rally in the FTSE 100, Diageo has lagged the market. However, potential buyers may come in around 1757 as this is:
1 -the base of the tram line I have drawn in. Tramlines offer great low risk entries and you can often anticipate where the price will bounce by locating a trend line and then drawing a parallel one through the lowest low like I have here around 1700.
2 - the 1757 area has been a level of support in the past-see olive circles
3 - the 1757 area completes an A-B-C corrective wave where A and BC are equal in length
4 - the Stochastics are oversold and showing a little divergence
Target of 1950-2000 depending on market structure up to this point.
Stop at 1720 for a low risk trade.
This is just an opinion, not a trading tip. Lets see what happens!
