CVS No Trade — 2024-05-05
The objective is not to grade the P&L. It is to grade the decision.
Charts
Trade Review
5/5/24 $CVS Will be looking for price to trade through that YL and take out the PWL/EQLs and into the W+FVG. This will be a follow through on the bad earnings report news I at least would like to see price reach into the mid point at around 49.06 before we see any type of significant change in price action. I'm okay to see the price move up at any point ahead of the lows being taken but I think that the gap down takes control on the price of the stock. So in this scenario price reaching back for 61.57 would be okay for me. On the LTF I will keep an eye on +OB formed.
This would also be the point in which I would like to see a bullish move in any chance. Seeing there's +OB formed on the LTF after the lows are taken within these lows would be a potential catalyst for higher price but with caution.
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