Stock Of The Day / 12.04.24 / FL
12.04.2024 / 
FL
Fundamentals. Premarket down 19% after earnings report that failed to meet investor expectations.
Technical analysis.
Daily chart: nearest potential support level is 19.55 formed by trend break from 10.27.23 and confirmed by false breakout on 11.10.23.
Premarket: Gap Down on high volume. Note that the price reached the previously indicated daily level 19.55 and bounced. We mark intraday levels in the premarket: 20.00, 20.50, 21.00, 22.50.
Trading session: the price holds the level 19.55 at the opening and goes up. We are considering a long trade.
Trading scenario #1 (aggressive): breakout of the upper border of the trading range above 20.25
Entry: 20.26 exit from the trading range
Stop: 19.69 below the nearest higher low
We observe a reaction to the level 21.00. A false breakout happened, then a small pullback on decreasing volumes and a quick return behind the level and its clear holding for 5 minutes. We are considering a long trade.
Trading scenario #2: breakout with retest of the level 21.00
Entry: 21.25 exit from the trading range on increased volume
Stop: 20.97 we hide it for the held level 21.00
Exit: A directed trend movement is observed in the direction of the trade. Close part of the position before the level 22.50, close the remaining part on 22.45 after an unsuccessful attempt to update higher high. The trade can also be closed in parts (for example, part of the position RR 1/3, another part RR 1/5, etc.) in accordance with your trading system.
Risk Reward: 1/5
FL Fundamentals. Premarket down 19% after earnings report that failed to meet investor expectations.
Technical analysis.
Daily chart: nearest potential support level is 19.55 formed by trend break from 10.27.23 and confirmed by false breakout on 11.10.23.
Premarket: Gap Down on high volume. Note that the price reached the previously indicated daily level 19.55 and bounced. We mark intraday levels in the premarket: 20.00, 20.50, 21.00, 22.50.
Trading session: the price holds the level 19.55 at the opening and goes up. We are considering a long trade.
Trading scenario #1 (aggressive): breakout of the upper border of the trading range above 20.25
Entry: 20.26 exit from the trading range
Stop: 19.69 below the nearest higher low
We observe a reaction to the level 21.00. A false breakout happened, then a small pullback on decreasing volumes and a quick return behind the level and its clear holding for 5 minutes. We are considering a long trade.
Trading scenario #2: breakout with retest of the level 21.00
Entry: 21.25 exit from the trading range on increased volume
Stop: 20.97 we hide it for the held level 21.00
Exit: A directed trend movement is observed in the direction of the trade. Close part of the position before the level 22.50, close the remaining part on 22.45 after an unsuccessful attempt to update higher high. The trade can also be closed in parts (for example, part of the position RR 1/3, another part RR 1/5, etc.) in accordance with your trading system.
Risk Reward: 1/5
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