WMT. Short on Fibo confluence and possible pattern cascade

1. Mai 2017

Chart shows that price is being bewered in a strong resistance zone, which is trying to break once again. A 75.90 per share has an interesting Fibo confluence which may be considered as a "do-or-die" level as it is a level which validates or invalidates two Cypher patterns.

Only a bigger one is shown, which would complete at 60.60 per share, while a smaller one points towards an eventual return to below 70 per share. Will open a short position aiming 67 as a first target and then watch on how the price behaves. My SL will be placed at 78 per share

1. Mai 2017

Anmerkung

Smaller Cypher pattern with target and SL

4. Mai 2017

Trade ist aktiv

Short order filled at 76 per share

6. Mai 2017

Order storniert

Resistance breached and Weekly chart closed above. I believe the idea is no longer valid so will close the trade on Monday

17. Mai 2017

Anmerkung

Intereresting setup: market selling off and WMT going positive on that exact day. Tomorrow´s earnings could help them to follow the rest of the market