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Stock Of The Day / 12.12.24 / PLAY
12.12.2024 / PLAY
Fundamentals. CEO resignation amid yesterday's negative report. The so-called second-day trade.
Technical analysis.
Weekly chart: Exit down from multi-year accumulation.
Daily chart: The previous day closed near the strong level 29.34 formed by the trend break in September. We expect a continuation of the downward movement.
Premarket: no activity.
Trading session: Pure downward movement after the opening of the session. After the reaction to the level 27.00, the price entered a two-hour accumulation with a gradual tightening to the level. After the breakout, the price clearly holds the level, forming a mini tightening on the opposite side. A failed attempt to return beyond the level in the form of a candle with a tail against the trend strengthens the signal to short.
Trading scenario: breakdown with retest (tightening with retest) of the level 27.00
Entry: 26.89 when the structure of the mini tightening is broken. It is acceptable an aggressive entry into the breakdown without waiting for a retest.
Stop: 27.14 we hide it behind the tail of the failed return attempt.
Exit: After the breakdown we observe a smooth movement without a trend structure. It is optimal to take profit in parts for such movements upon reaching certain target RR profit (1/3, 1/4, etc.) with subsequent tightening of the stop.
Risk Rewards: 1/6
PLAY Fundamentals. CEO resignation amid yesterday's negative report. The so-called second-day trade.
Technical analysis.
Weekly chart: Exit down from multi-year accumulation.
Daily chart: The previous day closed near the strong level 29.34 formed by the trend break in September. We expect a continuation of the downward movement.
Premarket: no activity.
Trading session: Pure downward movement after the opening of the session. After the reaction to the level 27.00, the price entered a two-hour accumulation with a gradual tightening to the level. After the breakout, the price clearly holds the level, forming a mini tightening on the opposite side. A failed attempt to return beyond the level in the form of a candle with a tail against the trend strengthens the signal to short.
Trading scenario: breakdown with retest (tightening with retest) of the level 27.00
Entry: 26.89 when the structure of the mini tightening is broken. It is acceptable an aggressive entry into the breakdown without waiting for a retest.
Stop: 27.14 we hide it behind the tail of the failed return attempt.
Exit: After the breakdown we observe a smooth movement without a trend structure. It is optimal to take profit in parts for such movements upon reaching certain target RR profit (1/3, 1/4, etc.) with subsequent tightening of the stop.
Risk Rewards: 1/6
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