Looks like there will be a correction soon on this stock. Marking some pieces of the puzzle. That fit this thesis, but this is a short term trade just for correction.
Not looking to far out here.
1) DOJI candle coming into the end of the day. Might be a sigh that they bulls are starting to run out of energy to fight back the bears.
2) The volume is starting to decrease going throughout the day as the stock grinds higher, meaning to this trader that buyers are start slow. Which could indicate a short term top of this momentum.
3) The MACD is starting to come together, might be a sign here that the buyers momentum is starting to shift into selling momentum as people take profits.
4) RSI, the RSI is currently in over bought conditions. While this is taken with a grain of salt; it might be signally that we are at the top here as it trys to correct back into the 30-70 bounds.
A lot of this is driven by retail traders, which when it starts to roll over could mean the selling to get out of the way leads to selling that is hot and heavy or a slow grind down.
This trader picked up short term puts rather than an actual short position.
Targets:
T1: 15.00 -- Psychological Round number
T2: 12.00 -- Bound by the bounce off when it dipped today down to 11.50 and a even psychological number.
T3: 10.00 -- Round Number
Stop:
25.50 -- time to get out if it gets driven higher.
Best of Luck,
--d0x
Not looking to far out here.
1) DOJI candle coming into the end of the day. Might be a sigh that they bulls are starting to run out of energy to fight back the bears.
2) The volume is starting to decrease going throughout the day as the stock grinds higher, meaning to this trader that buyers are start slow. Which could indicate a short term top of this momentum.
3) The MACD is starting to come together, might be a sign here that the buyers momentum is starting to shift into selling momentum as people take profits.
4) RSI, the RSI is currently in over bought conditions. While this is taken with a grain of salt; it might be signally that we are at the top here as it trys to correct back into the 30-70 bounds.
A lot of this is driven by retail traders, which when it starts to roll over could mean the selling to get out of the way leads to selling that is hot and heavy or a slow grind down.
This trader picked up short term puts rather than an actual short position.
Targets:
T1: 15.00 -- Psychological Round number
T2: 12.00 -- Bound by the bounce off when it dipped today down to 11.50 and a even psychological number.
T3: 10.00 -- Round Number
Stop:
25.50 -- time to get out if it gets driven higher.
Best of Luck,
--d0x
Trade closed: target reached:
Took profits this morning at the 9.48 level.
Quick puts for a quick play.
Quick puts for a quick play.