WMT. Short on Fibo confluence and possible pattern cascade

1 mai 2017

Chart shows that price is being bewered in a strong resistance zone, which is trying to break once again. A 75.90 per share has an interesting Fibo confluence which may be considered as a "do-or-die" level as it is a level which validates or invalidates two Cypher patterns.

Only a bigger one is shown, which would complete at 60.60 per share, while a smaller one points towards an eventual return to below 70 per share. Will open a short position aiming 67 as a first target and then watch on how the price behaves. My SL will be placed at 78 per share

1 mai 2017

Note

Smaller Cypher pattern with target and SL

4 mai 2017

Transaction en cours

Short order filled at 76 per share

6 mai 2017

Ordre annulé

Resistance breached and Weekly chart closed above. I believe the idea is no longer valid so will close the trade on Monday

17 mai 2017

Note

Intereresting setup: market selling off and WMT going positive on that exact day. Tomorrow´s earnings could help them to follow the rest of the market