STX - Swing long at $41-42 Level
Updated
- STX has pulled back after a breakout earnings report and completion of Measured Move target at $49.70. The Measured Move completion corresponded to the test and failure of the weekly 200sma.
- During the upward move, prices trended strongly and respected the 34EMA Wave during pullbacks/consolidation.
- I am waiting for prices to fill the earnings gap and complete the 2 leg down pattern after the measured move. A fill in the $41 - $42 area would be great.
- Negatives for this trades include the sub-200sma price action and possible unknown retracement level after the Measured Move completion.
- During the upward move, prices trended strongly and respected the 34EMA Wave during pullbacks/consolidation.
- I am waiting for prices to fill the earnings gap and complete the 2 leg down pattern after the measured move. A fill in the $41 - $42 area would be great.
- Negatives for this trades include the sub-200sma price action and possible unknown retracement level after the Measured Move completion.
Order cancelled
Prices reacted as expected, with a swing bounce. Unfortunately, the swing never reached our buy point before moving higher. Need to look for a new opportunity!
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