Clearly Axl Rose was singing about the recent chart in American Axle & Manufacturing (NYSE:AXL), the company who’s ticker symbol he was named after. That smirky smile that took control in the chart from mid 2013 until the edge lifted up to end the year. The chart below does show nothing but blue sky above.
From a technical perspective the chart shows a run up into that long retrench that measured a gain higher, a Measured Move completed. But that leg up also gives a projection as to how far into the bright blue sky it might rise. A good target would be 32.50, and with a natural stop at the break out level at 25.75, this gives a very high reward to risk ratio. No wonder Axl is always swaying as he sings this song.
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