Trading idea for Marks and Spencer Group (LSE)

Marks and Spencer Group (LSE)

#MKS

The trend is bearish. The Awesome Oscillator shows a bearish divergence, while the Stochastic Oscillator indicates overbought conditions. The upward wave pattern is truncated. The stock is trading between the 365 EMA and the 135 EMA.

Trading idea:

Sell upon the formation of a downward wave pattern where wave (A) breaks the trendline of the truncated upward pattern.

Stop Loss: 3.8520.

Target levels: 3.6940; 3.5800.