Non-traders or those not interested in this type of trade please disregard!
Continuing the idea of dry running and refining NFTRH+, here is an interesting chart I came across for French Pharmaceutical company Sanofi (SNY).
While you should always do your own due diligence before buying anything, a quickie shows a forward P/E of just over 13 and an ex-dividend (3.6% yield) date coming up in May.
The pattern is what some would call an Inverted H&S, but could be a potential ‘Cup’ in the making. It may settle down to the dotted neckline at 52 or even the moving averages below 52, but I have bought the current little consolidation.
Actually it is a second Cup (as the weekly chart below shows). The first one failed to activate. MACD looks very good and RSI is above 50. Alternatively to a buy on a decline to 51-52, one might await a breakout above the red line.
Buy Target: 51 to 52, or an upside breakout
Sell Target: 57 (measurement)
Stop Loss: As suits individual risk tolerance below the moving averages / 51.
Note (5.15.14): SNY sold for very small, as yet undetermined gain (factoring dividend). Sale is due to broad stock market view.
