Update - BRITISH AMERICAN TOBACCO - High Risk Short Punt
As pointed out on Monday BTI was showing weakness in a strong market environment.
Even with the weakening Rand yesterday the price stalled in the 560 region.
The short target for this trade was a quick move down to 540 which was reached with ease today and as pointed out if the price was able to break below 540 the next target would be 520. If the price manages to break below the 520 level we should see some long stops triggering.
I did start banking some profits in the region between 535 and 525 and will run the remainder of the position to see how the price reacts if we should reach the area below 520...
Even with the weakening Rand yesterday the price stalled in the 560 region.
The short target for this trade was a quick move down to 540 which was reached with ease today and as pointed out if the price was able to break below 540 the next target would be 520. If the price manages to break below the 520 level we should see some long stops triggering.
I did start banking some profits in the region between 535 and 525 and will run the remainder of the position to see how the price reacts if we should reach the area below 520...
