- Compare current price action breaking through each Daily Simple MA (10,20,50,100, 200) with 3 previous instances. Likely, WMT will drop till it falls below 200 Daily SMA before it becomes a good buy candidate.
- The RSI has also turned down.
- WMT is up against the upper channel line.
On the flipside, WMT can break through the upper channel line, which would be a great long as it will likely challenge ATH.
Note
Note
I am going to try the idea for either long or short depending on the direction of breakout. At this point, the direction of the break is like flipping a coin though the price action is directed towards LONG.
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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.