JoeHayes
Short

Hanging Man for ACT

NYSE:ACT   None
ACT testing previous resistance, and this time it is coming on hardly any volume in relation to its daily average. The most recent decline had noticeable volume to go with it, and there seems to be nothing behind the ascent to keep price pushing any higher from here. With hanging man patterns - I look for a sell stop 1 penny below the low of the day and go for a straight 1 to 1 Risk/Reward given the high success rate but also realizing this is a counter trend trade. Stop loss 1 penny above the high of the day.
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