Symphony Stock - Alternative Bat Formation and Weekly Trendline
Atualizado
In this trading analysis, we will explore the potential trading opportunities presented by Symphony stock (SYMPHONY) based on the formation of an alternative bat pattern on the daily timeframe and the presence of a trendline support on the weekly chart. We will discuss the key technical aspects, entry levels, target prices, and stop loss levels to assist traders in making informed decisions.
Alternative Bat Formation on Daily Basis:
Upon examining the daily chart of Symphony stock, we observe the formation of an alternative bat pattern. An alternative bat pattern is a harmonic price pattern that signifies a potential reversal in the prevailing trend. However, it is important to note that the pattern has not been activated yet.
To activate the pattern, Symphony stock needs to cross the price level of 870. This breakout could potentially lead to bullish momentum. Traders considering this pattern may want to set their entry level above 870, accompanied by a stop loss at 821.
Potential Targets:
Should Symphony stock break above the activation level of 870, two potential target levels can be considered. The first target is set at 907, and the second target is set at 940. These levels represent potential areas of resistance or profit-taking zones for traders.
Weekly Trendline Support and RSI:
On the weekly timeframe, Symphony stock is observed to be testing a trendline support. This suggests that the stock has been finding consistent buying interest around the 830-840 zones. Furthermore, the Relative Strength Index (RSI) is also indicating a good trendline support, adding to the overall bullish sentiment.
Considering the weekly trendline support and the RSI's behavior, traders may opt to take a long position in Symphony stock with a stop loss of 790 on a weekly basis. Setting the target open allows traders to capture potential upside without predetermined price constraints.
Conclusion:
The analysis of Symphony stock reveals the presence of an alternative bat pattern formation on the daily chart, awaiting activation above 870. Additionally, the stock exhibits strong trendline support on the weekly timeframe, as confirmed by the RSI. Traders interested in this stock can consider potential entry levels, targets, and stop losses based on the outlined technical analysis.
It is important to remember that trading involves inherent risks, and it is advisable to perform thorough analysis, consider risk management strategies, and consult with financial professionals before making any investment decisions.
Alternative Bat Formation on Daily Basis:
Upon examining the daily chart of Symphony stock, we observe the formation of an alternative bat pattern. An alternative bat pattern is a harmonic price pattern that signifies a potential reversal in the prevailing trend. However, it is important to note that the pattern has not been activated yet.
To activate the pattern, Symphony stock needs to cross the price level of 870. This breakout could potentially lead to bullish momentum. Traders considering this pattern may want to set their entry level above 870, accompanied by a stop loss at 821.
Potential Targets:
Should Symphony stock break above the activation level of 870, two potential target levels can be considered. The first target is set at 907, and the second target is set at 940. These levels represent potential areas of resistance or profit-taking zones for traders.
Weekly Trendline Support and RSI:
On the weekly timeframe, Symphony stock is observed to be testing a trendline support. This suggests that the stock has been finding consistent buying interest around the 830-840 zones. Furthermore, the Relative Strength Index (RSI) is also indicating a good trendline support, adding to the overall bullish sentiment.
Considering the weekly trendline support and the RSI's behavior, traders may opt to take a long position in Symphony stock with a stop loss of 790 on a weekly basis. Setting the target open allows traders to capture potential upside without predetermined price constraints.
Conclusion:
The analysis of Symphony stock reveals the presence of an alternative bat pattern formation on the daily chart, awaiting activation above 870. Additionally, the stock exhibits strong trendline support on the weekly timeframe, as confirmed by the RSI. Traders interested in this stock can consider potential entry levels, targets, and stop losses based on the outlined technical analysis.
It is important to remember that trading involves inherent risks, and it is advisable to perform thorough analysis, consider risk management strategies, and consult with financial professionals before making any investment decisions.
Nota
Target 1 - ReachedTarget 2 - Almost reached it went to 938.5 (940 is target 2)
Trade fechado: objetivo atingido
Aviso legal
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