Philip Morris extremely overbought

Philip Morris ($PM) is showing some great short entry signals:

• M bollinger bandpattern on decreasing RSI.
  
• Second, slightly lower peak with decreasing volume.
  
• Bearish engulfing candle with almost no lower wick means no buying pressure at the close.
  

Personal Strategy:

• Given the bearish engulfing pattern, an immediate entry is acceptable.
  
• Take some profits of table when price hits $110. If price breaks the $110 resistance, and continues down through the $109.35 mark, hold through to the $104.12 resistance.
  
• If price does not continue down through either $110 or $109.35, exit entire position.
  

Zlecenie aktywne:

Active in this trade. Used the initial buying spike today as an easy entry, since the bearish engulfing candle already signaled immediate entry.