AlphaPicks On Wall Street - March 20th
As your personal investment analyst, we're here to bring you the best charts. We're collaborating with Mr Fibs for this week's ideas.
This week saw a continuation of the banking crisis. However, the pressure had moved across to Europe as Credit Suisse saw investors pile out of the stock.
As the concerns grew in Europe, US equities quickly recovered from a financial crisis and regained levels from the start of the crisis.
The upcoming week does face a major event. The FOMC is on Wednesday, which will reveal the Fed’s decision on interest rates, a topic that has become a popular debate.
Joining us this week is
He’ll be starting out the ideas for the week ahead. The first one is free to preview for all.
Ford has been trading in this descending triangle for 8 months. We have a clear triple bottom looking for a retest. There was big volume on Friday, and I think we are set up for a major move in this name once again. If we can break this pattern to the downside and confirm the move, I can see a retest of the low 10 range. This is based on a trend-based Fibonacci with point 1 at 16.50 swing high, point 2 at the triple bottom swing low, and point 3 at the double top around 14.60.
TRADE IDEA - FORD SHORT
Stop Loss: 11.52
Take Profit: 10.32
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