Fresenius is in a strong downtrend and has broken down from a corrective area.
This is likely to be the next wave down.
There are two obvious liquidity pools further below, both of which are potential reversal areas and therefore useful targets.
The first is February 2022 support, which sets up a 1:1 RR trade (TP1).
Below that is May support. That peak printed a high volatility whipsaw and is therefore more likely to trigger a reversal.
Using that as a target gives a 2.6:1 trade (TP2).
My preference is to exit at TP1, but a more adventurous trader could hold to TP2.
For invalidation, a bounce back to the 0.618 retracement would show enough strength to suggest a pivot may be forming.
Entry: Current Price
Stop Loss: $40.83
TP1: $38.1
TP2: $36.01
Not advice
This is likely to be the next wave down.
There are two obvious liquidity pools further below, both of which are potential reversal areas and therefore useful targets.
The first is February 2022 support, which sets up a 1:1 RR trade (TP1).
Below that is May support. That peak printed a high volatility whipsaw and is therefore more likely to trigger a reversal.
Using that as a target gives a 2.6:1 trade (TP2).
My preference is to exit at TP1, but a more adventurous trader could hold to TP2.
For invalidation, a bounce back to the 0.618 retracement would show enough strength to suggest a pivot may be forming.
Entry: Current Price
Stop Loss: $40.83
TP1: $38.1
TP2: $36.01
Not advice
Trade fechado: stop atingido
Always check your momentum trade does not pass through earnings.
Broker I use: Vantage ✨
vigco.co/la-com-inv/8g5DVv78
Private Group | $50/month 💡
Contact | t.me/ThinkFastTrading
vigco.co/la-com-inv/8g5DVv78
Private Group | $50/month 💡
Contact | t.me/ThinkFastTrading
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Broker I use: Vantage ✨
vigco.co/la-com-inv/8g5DVv78
Private Group | $50/month 💡
Contact | t.me/ThinkFastTrading
vigco.co/la-com-inv/8g5DVv78
Private Group | $50/month 💡
Contact | t.me/ThinkFastTrading
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.