Trade Idea- Ralph Lauren Quad Bottom

[phoenix25140]

RL- Nice quad bottom shaping up, look for a move up and some volume to confirm.

 

[wackypete2]

I like it. Nice r:r


If you can get in near 171 you have a $6 stop and About $15-18 target.

Peter

 

[malaguti]

RL- Nice quad bottom shaping up, look for a move up and some volume to confirm.

or a double top, and I'll wager I'm right

 

[StockIdeas]

I use the StockConsultant site alot for support and resistance and see triple+ (quad?) support at 173.3 and 169, looks like it could get to 169

CURRENT PRICE 171.05, just above support, 169 ± 2.03, type triple+, strength 10

SUPPORT BELOW -1.2% at 169 ± 2.03, type triple+, strength 10

 

[wackypete2]

or a double top, and I'll wager I'm right

That's why I'd have the stop @ 165. It's a clear break lower. Small risk for the potential reward. If I were to play the double top I'd rather have taken a similar small risk near the top of the range with a stop that signals a clear break higher. But a look at the 5yr chart shows a nice uptrend so I'll go with that.

Peter

 

[malaguti]

or a double top, and I'll wager I'm right

I was wrong, good call Phoenix