Hoast of indications for a potential rise in Diageo.
Despite the recent rally in the FTSE 100, Diageo has lagged the market. However, potential buyers may come in around 1757 as this is:
1-the base of the tram line I have drawn in. Tramlines offer great low risk entries and you can often anticipate where the price will bounce by locating a trend line and then drawing a parallel one through the lowest low like I have here around 1700.
2- the 1757 area has been a level of support in the past-see olive circles
3- the 1757 area completes an A-B-C corrective wave where A and BC are equal in length
4- the Stochastics are oversold and showing a little divergence
Target of 1950-2000 depending on market structure up to this point.
Stop at 1720 for a low risk trade.
This is just an opinion, not a trading tip. Lets see what happens!
1-the base of the tram line I have drawn in. Tramlines offer great low risk entries and you can often anticipate where the price will bounce by locating a trend line and then drawing a parallel one through the lowest low like I have here around 1700.
2- the 1757 area has been a level of support in the past-see olive circles
3- the 1757 area completes an A-B-C corrective wave where A and BC are equal in length
4- the Stochastics are oversold and showing a little divergence
Target of 1950-2000 depending on market structure up to this point.
Stop at 1720 for a low risk trade.
This is just an opinion, not a trading tip. Lets see what happens!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.