Stock Analysis: Best stock to swing trade this week- Lancaster Colony Corporation (LANC)
Trade Details: On Thursday, August 22, 2024, Lancaster Colony Corporation (LANC) closed at $173.23.
Looking at the higher time frames, this stock has been consistently forming higher highs and higher lows. However, on the monthly chart, LANC is showing signs of a retracement towards its own lower support level. The daily chart indicates a bearish trend shift, supported by a divergence seen on the RSI indicator on the weekly chart. Additionally, the stock is forming an incomplete harmonic pattern on the weekly chart, suggesting a potential downside move in the coming weeks. We plan to initiate a short position targeting this downward momentum.
Note: If the price breaks and closes above $201, this bearish setup becomes invalid.
Sell Swing Trade Idea:-
Entry Range: $185 – $195
Stop Loss (SL): $200
Target 1: $165
Target 2: $150
Today’s Best stock to swing trade this week- Lancaster Colony Corporation (LANC).
Note: Always remember: risk no more than 1% per trade.” Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
To get regular updates on stocks, please join our Discord community.
Our Articles on Long-Term Stock Analysis My best read on trading is this Book