I'm breaking down what I'm seeing on CAG - Conagra Brands Inc. (Nasdaq) Price has suffered late last year (Nov) but has rebounded nicely to almost the 61.8% Fib retracement area (not shown), pushing through 50% now on the Monthly charts, Price is above a 200 daily EMA. I see price relaxing a bit back down to the 50-61.8% Fib on the current leg up. Then, with a confirmation pattern I would enter a long position, these are buy and hold brands, getting in at a better price is always creamier.
If price continues up from here, I follow with my Fibonacci levels and adjusted entry, still waiting for reversion to mean approach. 1-2% Risk 2:1RR -Happy Trading
If price continues up from here, I follow with my Fibonacci levels and adjusted entry, still waiting for reversion to mean approach. 1-2% Risk 2:1RR -Happy Trading
Note
Looks like price is heading toward our area of interest. I'll be watching to see what candles form around the 50% Fib and the Breakaway Gap.Note
Price still making its way down, man stocks are slow:)Note
Well look at where price has settled. I will be watching over the next day or so what price does, it has retraced to our pre-designated area of 50% Fib and hit a trendline. That strong drop was countered by a nice reaction...interesting to see, may be a nice buy opportunity?Note
There is an element of luck to this game...but this does highlight the power of technical analysis. I broke down this trade back in April, showing key areas, this trade developed to the down side, to a highlighted area of interest not just for me but the millions of computers and biological computers aiming to derive profit. This craft is learnable and powerful when deployed properly and over a large sample set of data.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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.