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JoeHayes

CBS Long - Pin bar bounce on support with Volume

Long
JoeHayes  
NYSE:CBS   None
Bullish Patterns Momentum Indicator (MOM) Divergence support Support and Resistance Bat Gartley Volume Indicator spike POP oversold overbought reversal PIN Pin Bar Candlestick Analysis
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bullish momentum divergence support supportandresistance batpattern gartleypattern volume spike pop oversold overbought reversal pin pinbar candlestick
Friday brought a huge bounce on very high volume at a great support level for CBS. There is also very strong bullish momentum divergence seen on the mac-d histogram and the stochastic oscillator makes it seem price is making plans to pop off hard. I would play a limit order for the closing price at 56.74 with my stop loss 5 cents below the low of Friday. Sticking with a straight 1:2 risk reward ratio would have one selling around the first resistance level.

Entry: 56.74 Limit
Stop Loss: 54.96
Profit Target: 60.30
R/R: 1:2
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