Day three: Sydney Airport trade

SYD printed a bearish reversal yesterday (as highlighted), with the price printing a higher high ($4.37) and then subsequently closing below Monday’s low. 

These reversal patterns can be powerful, especially when the stock is overbought and at trend highs, so I would be treading carefully if long.

Stochastics on the daily chart are starting to top out and a move below 80 would be a signal that a deeper correction is on the cards. Given the momentum seen in this name a pullback should be seen as a buying opportunity in my opinion.

Sydney Airport
IG Charts

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