Well the chart is pretty straight forward, what I'm looking for is hopefully a miss on earnings in order to get in around the 174.00 area which is the lower support area of the current distribution channel that has formed on TWC. It all depends on the price action during earnings day & the day after that will ultimately drive me to make a decision on making a trade into this.
The second plan of action is if earnings is a beat, and the stock gaps above the 191.00 resistance level. I will subsequently wait for the day after to see if we get some type of gap retest of the 191.00 area.
This is not a trade idea in itself, just a potential trading plan for the future.
Note: The insane bull trend this stock has been since 08/09. And the 50 Moving Average on a weekly chart as being a good indicator on when to take some profit off the table. (I tend to use the 50 & 20 EMA's on Weekly charts to gauge my exits on long term position trades. If a weekly candle closes below the 20 or 50 EMA I close out the trade or take partial profits off. Do note that it all depends on the type of candle close we get below the moving averages, it has to be a strong bearish candle such as a bearish marubozu etc. If it is a bearish candle but it has a large lower shadow then I do consider staying into the trade.)
The second plan of action is if earnings is a beat, and the stock gaps above the 191.00 resistance level. I will subsequently wait for the day after to see if we get some type of gap retest of the 191.00 area.
This is not a trade idea in itself, just a potential trading plan for the future.
Note: The insane bull trend this stock has been since 08/09. And the 50 Moving Average on a weekly chart as being a good indicator on when to take some profit off the table. (I tend to use the 50 & 20 EMA's on Weekly charts to gauge my exits on long term position trades. If a weekly candle closes below the 20 or 50 EMA I close out the trade or take partial profits off. Do note that it all depends on the type of candle close we get below the moving averages, it has to be a strong bearish candle such as a bearish marubozu etc. If it is a bearish candle but it has a large lower shadow then I do consider staying into the trade.)