Our Trading Desk Analysts, Lester Davids, has identified 4 new short to medium-term technical trades:
#Trade 1: Buying Netflix
Range support could remain intact. Monitoring 340-343 as an accumulation zone. With a Stop-loss (SL) of 335 and a take profit target of 367 in the short-term and 380 – 390 (medium term).
#Trade 2: 3M Company
Down for three consecutive weeks on the back of poor results. The share technically is starting to look cheap, trading at $175.86 after dropping from $219.
A look at the weekly chart sees the price trading at the prior breakout level which took place in February 2017 as well as the downward trending support. Lester is looking for support kicking in here and a bounce back to 192. (short-term) and 220 longer-term.
#Trade 3: Walmart Inc
Long Term breakout pending. I don’t usually trade break-outs but …..
Possibly one for the investor with a longer term, portfolio view. Could take out previous highs.
#Trade 4: BMW
Megaphone formation. New accumulation zone around the 67 level. Our TP in the short-term is around 74, with the potential to reach the top of the megaphone around 78 – 80 in the medium term.