Trade Idea for The Southern Company (NYSE)

The Southern Company (NYSE)

#SO

    Trend is bearish. The stock is trading within the range of the 365 and 135 EMAs. The upward wave structure is truncated. The Awesome Oscillator shows bearish divergence, and the Stochastic Oscillator indicates overbought conditions.

Trading idea:

Sell on the formation of a downward wave structure, where wave (A) breaks the descending channel of the truncated upward structure.

Stop Loss: 89.50.

Target levels: 87.00; 85.40.