Stock Chart of the Week - 7/25/22 to 7/28/22
$DE is this week's stock chart of the week as it is forming a retest of the breakdown of the key zone marked on the chart. We can also see the weekly EMAs have begun to form a bearish trend signal. This retest comes at the weekly 8EMA which is what price was rejected off of Friday.
I would not be surprised to see the price settle down for a bit to consolidate though I'll have my stops on a close above this area and could always look for reentry if the price continues its downtrend. A stop above this zone with a target of a new swing low offers a nice R/R though I would like to trail stops down if price continues to new lows. Overall, many stocks this week will be dependent on the Fed's actions and words during the middle of this week. We could see a big pivot in either direction so I will be prepared to follow the trend that develops whether that be the long or short side of the market.