The market's recent worry about inflation apppears to be overdone. In fact financial sectors could stand to gain from any interest rate hike ..
COF had gapped down into the 50% fibonacci retracement level last Friday before closing with a small doji/pinbar. This coupled with a potential bullish divergence between price and RSI and a confirmation as it staged a steady rebound when market opened today.
I went long this morning with the expectation that it could revisit it's recent high of 168, however, I will be protecting any profits with trailing stops as the market is on tenderhooks lately and any piece of new info could derail the market all too quickly.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
COF had gapped down into the 50% fibonacci retracement level last Friday before closing with a small doji/pinbar. This coupled with a potential bullish divergence between price and RSI and a confirmation as it staged a steady rebound when market opened today.
I went long this morning with the expectation that it could revisit it's recent high of 168, however, I will be protecting any profits with trailing stops as the market is on tenderhooks lately and any piece of new info could derail the market all too quickly.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)