This hammer looks pretty good IMO. It's right on support and the long wick shows someone was definitely loading up their inventory. I'm going to buy this if there is a move above $100.
Trade Idea - Hammer on the weekly chart, sitting on support and reasonable risk/reward for my
stock account.
Trade Plan - Use daily chart to find a suitable entry point. Currently the daily shows a descending triangle that broke out to the downside and a spinning top against new resistance/old support. That's why I will wait for a break above $200 before going long.
Targets & Stops - My first target will be $220 where I will scale out 2/3rds of the trade and move my stop to break even. The second stop will be $240. My initial stop will be $183, or just below the wick of the hammer on both the weekly and daily (set Jan 9th on the daily).
