10/21/2024 - Here is a new SELL breakout chosen mechanically: 10/21/2024 - Here is a new SELL breakout chosen mechanically:
Stop @ $55.68
Entry BUY @ $52.44 or less
Target @ $47.07
SON trade ideas
Big Potential for SONOCO PRODUCTS CO DailyHey people, SONOCO PRODUCTS CO is in a bullish push with an exploding return of the traded buy volume and a sort of big hammer candle. The TIMEFRAME M1 shows us a marubozu with a low buy volume return issued as it heads up the equilibrium zone to test it. Great propability to breakout the price with the momentum at the same time the zone to arrive in another and to put on the top follows. Before the check of an equilibrium zone for the breakout by passing (on TIMEFRAME H4) an adjustment followed by a breakout gap.
After a point for high for the breakout and (the TIMEFRAME H1) second high to reach. The hypothesis of an aggressive recovery on the after zone should not be neglected, in addition to an attempt on the compression zone of the breakout from above.
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SON: Sort opportunityAn intraday high potential, Back Tested Sort Analysis.
We ll try to enter into the correction of the uptrend movement.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
inv Cup and Handle with SONHere is what I believe is happening.
SON is in a inv cup and handle pattern, with the initial handle under formation.
1. Its currently short term over bought
2. Initial Handle formation is in the process. It may be up to 30% of the cup and hit resistance at 50.00, though currently the stock seems to stabilize the current price.
3. currently the volume seems to be on par with the 90 day average. a reduction in volume over the next few days should confirm the over bought situation is loosing steam.
4. in the event the stock blows past 50.00 and touches 51.00, if it does this and pierces 51 with good bullish volume, the trend and pattern is no longer valid.
5. with current trend and pattern the stock is likely to drop down to 47.00 and take that as support. further below 47.00 its hard to say what the stock might do, take support around 46 or 44.65 (long term trend line support) is entirely possible.
- cheers
Scorp
Failed Short to make a new 52kh but there is a room to improve28.66% gain from Jan low is amazing but volume was Okay. Now, watch a possible print for 52wkh next few sessions or could easily retest 200DMA. Trade less, save more!
SON long tradebased on daily triangle and possible back to previous high and with good strength SON can see swing run to 50 area.....http://tinyurl.com/noc9hzj.....
