Staying with today's theme of looking at trades that find resistance at both the 61.8% Fibonacci retracement and the 50 day moving average, here's another one to look at:
MDT bounced off its 200 day moving average just last week and found resistance at the 50 dma and 61.8% Fibonacci retracement level. I see a defined risk trade setting up here with a stop at $38.50 with a1st target of $36.30 and a 2nd target at $35.40.
Want my tips and tricks to the markets? Subscribe and learn more about trading and investing, get an upper hand on the markets and on the path to a steadier trading and investing process. By subscribing you can expect to get anywhere from 2-4 new videos each week with clear, actionable, and relevant market commentary directly in your inbox. Not to mention you’ll be the first to know when we have upcoming Live Training Sessions. Enter your name and email and welcome to The Steady Trader family.
Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one’s financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. Read our Full Disclaimers HERE.
By giving your contact info you agree to receive future emails from The Steady Trader including educational and promotional content. By providing your mobile phone number and clicking on the above “Subscribe” button, you agree to receive automated promotional messages from us via SMS. By opting into our SMS Program, you agree to our Terms and Conditions and Privacy Policy.
