FMQ trade ideas
Not Great Company But Bullish Pattern Could mean alotThe recent bullish pattern if indeed is confirmed though it requires further scrutiny and not every pattern results big win, it may be a good to add your watch-list for a possible 17% upside gain provided that market helps it. The Head and Shoulders Bottom is created by three successive declines in the price following a significant downtrend. The lowest low (head) is in the middle, flanked by two higher lows (shoulders) at roughly the same level. Volume is highest as the price makes the first two declines, then diminishes through the right shoulder. Finally volume surges as the price closes above the neckline (drawn between the two highs) to confirm the reversal. If you decide to take a long position, use tight stop at recent swing low at and around $54 area. If you want to have a real time alerts on this security try us www.2waytrading.com
FMC - Double channel knife catch. Pullback - Double channel
Status: Too many red flags for me to consider buying, or even put on my watchlist
Horizontal S&R: 65
Channel S&R: 2 channels, neither holding very well.
MA S&R: no
Stochastic turn/crossover above 80%: yes. looks embedded
AO pullback >0= 85: yes
Price Pullback Fib >0.382: yes
Next Earnings date: 10/27
Increasing EPS: missed, but in range
Increasing Rev: beat
Short Float:
*stop 1 atr below swing low.
** first price target is 50% the move from entry price to previous high.
***No Biotech
Any feedback is welcomed! Thx
Cost basis:
Stop:
First price target:
FMC POSSIBLE BREAKOUT FOR SHORTINGLooking at previous rising wedge breakout i've measured a retrace under 0.61 fib. The breakout occurred after 291 bars on weekly chart and happened with many gaps. Now we have a similiar pattern, time symmetry, a gap that's going to break lower trendline and volume increasing. Need to see a strong distance from lower trendline, possible gaps and more volume for confirmation. As a possible target i'm pointing to 0.61 fib area. Good luck for your trading
