Falling channel into earnings, with 1 failed breakout, but RSI getting some life and MACD ready to cross up, June 41 calls active
URBN trade ideas
URBN Earnings Gap Plan (Brad Reed Mar 9 2015)If URBN opens above 40.67 , Gap N Go. If it opens below 38.67 consider a retest gap. To learn to trade this strategy for free,go to www.RealLifeTrading.com
Urban Outfitters, Target Reached!2 months ago, i posted this downtrend channel for Urban Outfitters. My put options triggered when price hit 40.39 but 41.79 was not triggered.
(Initial two possible targets if price continue southward marked by down arrow
1st: around 34.67
2nd: around 30.45 (if 1st fails to support) without factoring time factor.)
Because the downtrend channel is a function of price and time, i actually enjoyed selling my put options lower :-)
All profits were taken at 29.06 when the big red marubozu hit the channel bottom.
Price hit another bottom after 5 weeks at 28, i turned bullish at 28.49
Note: It is advisable not to follow my aggressive 'jump-the-gun" approach as it WILL incur losses immediately before turning into profits later on, at time, substantial losses. Please do your own analysis to verify your trading decision.
URBN - pullbackPullback
Status: watching
Technicals:
Horizontal S&R: yes
Channel S&R: yes
MA S&R: yes
Pearson's R >= 85: yes
Price within Fib Ret..62: yes
Stochastic turn/crossover above 80%:
AO pullback >0<1.38:
Fundamentals:
Next Earnings date:
IBD EPS Rating: 41 bad
IBD SMR Rating: A
competitors: fl + rost
Fundamentals not so good. but technicals great.
Does this channel reflect shoppers sentiment?Urban Outfitters was rejected at price around 40 which coincide with the downtrend upper resistance channel and previous resistance in Oct 2014. Price might want to retest the resistance again..
Two possible targets if price continue southward marked by down arrow
1st: around 34.67
2nd: around 30.45 (if 1st fails to support)
URBNJust because this pattern is so symmetrical - I think next stop is 40.62 - could be working on a rounding top or a HS top
