Shorted CRSP today based on the descending triangle pattern on the Daily Chart. CRSP has recently rejected a previous high and looks to be pulling back/down trending. I am expecting CRSP to continue this down trend till around the 200MA on the daily chart at 50.00.
Entry - 56.70
Stop Loss - 59.50
Target 1 - 50.00
Target 2 - 45-46
Entry - 56.70
Stop Loss - 59.50
Target 1 - 50.00
Target 2 - 45-46
Comment:
CRSP has been working well so far. I noticed my entry and targets were not so optimal on this trade. My main target for this trade should have been 50.00 where the 200MA on the daily chart lines up with this important psychological number. I plan to exit at least half at this target. I moved my stop loss to 56.05.
Trade closed: stop reached:
Stopped out CRSP at 56.70. With markets reversing and recovering, I makes sense to get stopped out of CRSP. I don't want to give up any more nice gains on this ticker.