SNE Bullish Pennant

1 Mar 2013

SNE looks to have bottomed at the end of 2012 and with the weakening yen along with bullish fundamentals has managed to break out to the upside during the beginning of 2013. After posting luke-warm earnings it pulled back from the $16 area and has since resumed its positive direction. The bullish pennant I have drawn points to a target of $20.00. I believe SNE can reach this target and potentially beyond throughout the rest of 2013. I'd be looking to enter around current levels at $14.50 with a stop on a daily close below 12.50. Initially targeting $20.00 with the first half of my position. Once achieved, I would put a stop at break even and let the rest ride for a longer global macro trade through the rest of 2013.