AAON possible short
AAON is due for a pull back.
Please see the Monthly chart.
• Almost every time the momentum oscillator reaches about 79 level, there is a major pullback.
• There is an upwards sloping parallel channel that started 11/7/22. About 70% of these eventually break down. It reached the top of the parallel channel a few days ago, but 1 more push up will put it there again and with the Momentum oscillator probably close to target level.
Please see the 4-hour chart.
• The top may have already been put in. However, this still (in my opinion) may be a good starter position.
• You may want to consider looking for additional places to enter. These might include going back to the top of the parallel channel, double top of all time high, or a price/RSI divergence on the 1-hour chart.
Take profit targets:
First of all, please use a stop loss, especially if you get into a profitable position. Lock in the gains.
Target 1: The previous major high pivot of 4/29/24 which is $96.34
Target 2: Trend line at $96.34, which was the previous resistance level, which could become support.
Target 3: The trend line at $71.39, which is also a Fibonacci 0.5 retracement level. There is also a major upsloping trendline that will act as support is the timing is right and these level intersect with the price.
Please see the Monthly chart.
• Almost every time the momentum oscillator reaches about 79 level, there is a major pullback.
• There is an upwards sloping parallel channel that started 11/7/22. About 70% of these eventually break down. It reached the top of the parallel channel a few days ago, but 1 more push up will put it there again and with the Momentum oscillator probably close to target level.
Please see the 4-hour chart.
• The top may have already been put in. However, this still (in my opinion) may be a good starter position.
• You may want to consider looking for additional places to enter. These might include going back to the top of the parallel channel, double top of all time high, or a price/RSI divergence on the 1-hour chart.
Take profit targets:
First of all, please use a stop loss, especially if you get into a profitable position. Lock in the gains.
Target 1: The previous major high pivot of 4/29/24 which is $96.34
Target 2: Trend line at $96.34, which was the previous resistance level, which could become support.
Target 3: The trend line at $71.39, which is also a Fibonacci 0.5 retracement level. There is also a major upsloping trendline that will act as support is the timing is right and these level intersect with the price.
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