Cup and Handle on MKCCup and Handle on MKC
First Target on 101.00
Second Target on 103.00
Final target on 105.00
Stop on 94.50
M1KC34 trade ideas
MKC - Potential double top short from $99.93 to as low as $72.73 MKC seems breaking down key support label. It has fair amount of insider selling, higher price to cashflow.
On the weekly chart moneyflow is diverging & toping at this moment. Overall it seems a very good momentum short setup.
* Trade Criteria *
Date First Found- June 21, 2017
Pattern/Why- Breaking down momentum short; Potential double top
Entry Target Criteria- Break of $99.93
Exit Target Criteria- 1st Target $97.33, 2nd Target $72.73
Stop Loss Criteria- $ 102.62
Please check back for Trade updates. (Note: Trade update is little delayed here.)
if MKC tests 102.5, buy putsUpward wedge ... stock is close to overbought ... market rally could continue into wednesday help push it to previous high of 1025 ... if it can't break 102.5 it has nowhere to go but down ... below average earnings expected on thursday ... will send it tumbling to that bottom support around 100.42 ... expect market to pullback in second half of week, helping this process
