I went long DSSI today in the morning, based on yesterday's price action. After failing to hold highs DSSI has been in a pullback phase for the past week. Yesterday DSSI printed an average to high volume hammer at three key levels; the 50 DMA, the original breakout trendline , and 38.2% Fibonacci retracement level. My entry was 15.44 with a stop loss at 14.80. Target on the trade is 18.00.
Trade closed: stop reached:
Unfortunately DSSI could not hold above the 50 DMA and I stopped out at 14.80. Looks like this stock is headed for more downside. On to the next trade.