#FB - 1D - DEFINITION ZONE.Perfect uptrend since May. Multiple tests over the past few months. 7 to be exact.
Here we are now again. The last session left us with a Doji candlestick pattern just under MA50.
This Sunday, Republican and Democratic party leaders announced that a deal had been reached for a new stimulus check. There are enough votes for a majority approval this Monday on congress. We might spect a bullish day tomorrow for all mayor companies of SP500.
With this tailwind in favor, the price could break MA50 and cross Ichimoku's cloud at the same time. This will could create the propper impulse to break that pennant triangle and reach ATH as the first target.
In this case, we don't have a main support under trendline to act as a safety net. So, I would like to take two approaches:
Conservative Strategy:
- Open position: USD 276. 40
- Stop Loss: USD 269.54
- Price target: USD 304.
- Risk/Reward ratio: +4.6
Risky Strategy:
- Open position: USD 276. 40
- Stop Loss: USD 264.46
- Price target: USD 304.
- Risk/Reward ratio: +2.53
Risk management is always as important as all research and technical analysis we can make. Long-term profitable trading is about been wrong small and right big.
