Swing Trade - Ellington Financial

NYSE:EFC   Ellington Financial Inc
What I see...
+ Side way move within channel since prices gapped up back in mid-April
+ 10MA crossed above 50 MA for the first time since March
+ Vol. spiked up a little while the hammer bar was painted on Friday
+ RSI appears to be bouncing off of 50
+ MACD is very close

- Both 10 and 50 MA are under 200MA
- MACD could cross below the signal line
- Long upper shadow bar from mid-April

How I setup...
+ Long entry above last week's channel
- Stop at last week's low
+ Target is at mid $15
Order cancelled: Cancelling setup