McCormick & Co Inc Com (MKC)

MKC - Daily Chart - Logarithmic Scale
MKC have a bullish trend, but early this year they have break the trend line.
The price action want to retest the resistance.
My trade plan is I want to see if the price action can break the resistance.
  1. If price can significantly break the resistance, then I will wait for a pullback.
  2. If price can't break the resistance level then I will wait for a bearish fractal to enter my trade.
Personally I prefer the second scenario happen, because it will give us a high expectancy trade plan with a good risk reward ratio. 
But price can be irrational, OVER BOUGHT DOESN'T MEAN OVER, so rather than trade what we expect, It's better to trade what we see and manage the risk wisely.

If scenario 2 happen, the stop loss would be slight above the resistance line.
Location: Surabaya, Indonesia

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