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Sony looking ready to continue bullish trend

Updated: 19 Jul 2021

Sony stocks are currently in an ideal place to start the next leg of their move upwards, we're long at at these levels with a price target of $120

Reasons we're taking this trade are as follows:

  • We're sat right at the bottom of the channel that price has been trending in for 18 months
  • Price has sold off recently due to fundamental reasons but we've respected the bottom of the channel
  • The 100 day moving average has converged with the bottom of the channel – adding weight to that support area
  • RSI is rising
  • Fundamental analysis supports the bullish case
  • Risk / reward ratio is high for short term traders as we can trade this with a tight stop loss

 

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