BMO at decision point
One of the stocks I follow is BMO. Shocking, I know. We’ve been tracking the price moves of BMO well. And now it is decision time. Price is consolidating into a pattern that will either lead to more new highs at 73.50 -or- correct to 66.50 (which could morph into a zigzag correction to 65.25). Either can happen, but I put the correction to 66.50 or 65.25 as more likely based on other indicators I follow -and- the momentum divergences on the weekly and monthly time frame. We should be able to determine direction by the end of this week. Price knows more than we do. Click the image below to embiggen
David Zarling, CMT is Head of Investment Strategy and Research for Client First Tax & Wealth Advisors, a Registered Investment Advisor. Using his strong industry insight and background, David is responsible for managing our clients’ investments using the Adaptiv Investment Management System. This proprietary approach is built on the bedrock of supply and demand (aka price), which is used to identify investment trends across all asset classes: stocks, bonds, commodities, and currencies. This top-down approach has proven effective for managing risk in a variety of market environments. With 19+ years of experience in the industry, David brings institutional-class asset management to our clients’ portfolios.
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[…] measured move was miscalculated in my 06/06/14 post (see pink arrows in the chart below – this is the measured move, which = $72.50, not $73.50). […]
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