Although my main trading focus is on futures, I will from time to time take a closer look at an equity if something catches my attention. Recently while reading an article I stumbled upon Moody’s Corporation (MCO). After doing some homework and applying my own Fibonacci drawings, I saw Moody’s stock as a potential long setup that is in a consolidation phase.
BUT as with any trading setup, we need to have discipline. Here are a couple important price levels that I am watching on Moody’s stock (as a potential long setup):
- A daily candle MUST NOT close below $92.37.
- I’m looking for a daily candle to close above $96.31 and then $96.94 to trigger a buy signal.
A solid rejection at either one of these higher levels would cause me to lose interest in getting long. For now, it’s on my watch list. Patience and discipline will dictate how this plays out. Thanks for reading.
Moody’s (MCO) 1 Year Stock Chart
Follow Dave on Twitter: @TheFibDoctor
No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.