The idea behind this trade was that it was a stock that my colleague did very well making alot of money off it. So i included this sleepy stock in my list of stocks that i monitored. I don’t monitor all the stocks for trading, just a list of them to focus my attention on them.
MACD and Stochastics look oversold. The question is whether it will hold the 50 day EMA. The strong bullish story and the momentum of the main market resulted in me taking a bet while watching the stop loss at 2.12.
Exit at 2.47 at the recent correction. This would only be classified as a B trade since i would have gotten a fatter portion of the channel had i took the plunge before 2.22.
This stock looks to be hanging around that high for a while after the time i sold. it looks like the short term downside may not have arrived as expected. Will this work off the high breadth readings? Only time will tell.