themdtrader
Short

EGHT Pullback Idea

NYSE:EGHT   8X8 INC
Stock has a momentum build up for the past 3 years, but it has been increasing in volatility as the bigger picture ascending triangle has been setting up.
Recent high just got broken, but the high volatility associated with it implies a greater risk + chance of reversal.
With such increased volatility and weakening momentum, a pullback seems to be up next if not a strong downward move.
Stop at 18.27
Target at 16.56
Trade closed: target reached: Target was hit yesterday but I'm now putting in the update.
This week has been quite fruitful.
I look forward to play weak stocks that may continue to bleed from this week's volatility & strong stocks that should stand their ground against market panic.
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