Stanly Black & Decker (SWK): A Red Halo Event?
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When companies like Stanley Black & Decker (SWK); producer of consumer goods; generates this kine of red halo events, one has to become cautious of a potential recessionary period that might be approaching. As you can see in the below weekly chart, the initial downdraft has started with price falling from $176 to $146 or over 22%. Is this bullish? Would you be buying with open arms?
The corrective sequence is targeted to reach the prior wave 4 as shown in below chart. The MACD is currently oversold so that means that the red B wave bounce is next. However, the C wave down is likely to be scary for most and catch many by surprise because they will think that wave B is the start of the next bull cycle.
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