Trade Overview
Profit Target = 50% fib retrace (around $142)
Exit signal = Close trade if price closes above $155
Rationale:
- VMW in triangle consolidation pattern (possible continuation pattern)
- Price resistance at $155 (hence using a close above this point as the exit signal)
- Failure to breakout of 1 ATR channel
- Moving averages clearly indicating a downtrend in place
- Overall tech sector is also showing signs of weakness
Profit Target = 50% fib retrace (around $142)
Exit signal = Close trade if price closes above $155
Rationale:
- VMW in triangle consolidation pattern (possible continuation pattern)
- Price resistance at $155 (hence using a close above this point as the exit signal)
- Failure to breakout of 1 ATR channel
- Moving averages clearly indicating a downtrend in place
- Overall tech sector is also showing signs of weakness
