LONG ON BMIts a long time that i have posted
1.Fund :COVID-19 etc not very important for the small time frame i expect this to work.
2.Techn:
a.If you notice the stock has used the 61.8 fibo as a resistance point in the past and i believe there is high chance it will happen again.
b.A reverse h&s has formed.Not textbook form but i have noticed that it tends to work.(could pass as an upwards channel also)
c.The price bounced on the 50ema and and seems to just break over the 75$ resistance.
d.14d Stoch are at the high side
e.MACD is almost at signal
To sum up :67-68 SL and TP at 99.5 good R/R .Expect this to play till start of May
Points to consider
1.If you look at 1h its very likely that i have missed the retest and price moves up.
2.The other factor i have my doubts about this is that the S&p and DJ are both very close to resistance lvls so a general downwards move could drag this down.
Hope it helps Good trading
