EW Long Opportunity after Weak Guidance Causes Gap Lower
EW had a weak guidance forecast that disappointed investors and caused a gap lower, I am expecting a rally over the next couple of days to fill that gap by the end of the week.
EW has long term technical horizontal support at $62.50 that has held well all year and held again today. A bullish case can be made for the stock as it has made higher highs prior to the late October sell-off, and has failed to break for a lower low.
Take profit would be at around the $64.50 level and stop loss at $61 if there is a clean break of horizontal support. R/R is not exceptional at 1.26 and is considered a risky day or two trade for those with a high risk appetite.
EW has long term technical horizontal support at $62.50 that has held well all year and held again today. A bullish case can be made for the stock as it has made higher highs prior to the late October sell-off, and has failed to break for a lower low.
Take profit would be at around the $64.50 level and stop loss at $61 if there is a clean break of horizontal support. R/R is not exceptional at 1.26 and is considered a risky day or two trade for those with a high risk appetite.