Chart of the week
Date: 01/04/2010
Symbol: GT
Company Profile: The Goodyear Tire & Rubber Company engages in the development, manufacture, distribution, and sale of tires and related products and services worldwide.
Sector: Consumer Goods
Industry: Rubber & Plastics
TRADING PLAN
Entry price: short under: 14.00
Stop price: stop above: 14.75
Target: 10 areas
Chart explanation: I like GT bear flag and that is main idea. In case that we will see market correction on weekly time frame I will expect from GT to see selling continuation and I’m using bear flat for trading plan. First support will be 12.50 and 50sma (green line) area. After that previous low and finally support area (target area) will be 10 areas. But I like to note again that I want see market support for target area. If GT will stay in flag pattern, it will be interested and on watch list until will stay under 20sma (blue line). If GT will break above 20sma on weekly time frame then GT will be canceled.
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
Date: 01/04/2010
Symbol: GT
Company Profile: The Goodyear Tire & Rubber Company engages in the development, manufacture, distribution, and sale of tires and related products and services worldwide.
Sector: Consumer Goods
Industry: Rubber & Plastics
TRADING PLAN
Entry price: short under: 14.00
Stop price: stop above: 14.75
Target: 10 areas
Chart explanation: I like GT bear flag and that is main idea. In case that we will see market correction on weekly time frame I will expect from GT to see selling continuation and I’m using bear flat for trading plan. First support will be 12.50 and 50sma (green line) area. After that previous low and finally support area (target area) will be 10 areas. But I like to note again that I want see market support for target area. If GT will stay in flag pattern, it will be interested and on watch list until will stay under 20sma (blue line). If GT will break above 20sma on weekly time frame then GT will be canceled.
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
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