marketinsider

ATRC bounces off support, going higher on bullish momentum

Long
NASDAQ:ATRC   AtriCure, Inc
Historically, $22.50 is a very significant level for ATRC. It was former resistance at the beginning of 2014 and end of 2015, and is currently support for the current rally upward. We have already bounced off that level and the most likely outcome is the trend continuing upward to a target of $26.32. Here's the trade:

Buy: $23.45
Stop: $22.50
Target: $26.32
Trade closed: stop reached: We were stopped out of this trade, as price broke not only former resistance but also the lower support of the price channel. Our thesis was wrong, we cut our losses, and will live to fight another day - that's exactly what the best traders in the world do each and every day. If you were stopped out of this trade too, don't be upset...be grateful that you had the guts to draw a line in the sand and admit you were wrong.
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