ericsolan

FLR breakout and short squeeze potential

Long
NYSE:FLR   FLUOR CORP
As PYX breaks its major downward trendline, a long position is entered with a tight stop.
As this trade progresses, shorts will be forced to cover, creating a potential for a parabolic move north.

Factors leading to the decision:
  • Long-term downward trendline broken
  • Decent bullish volume showed up at the low, noticeable to traders looking for a sign of reversal
  • A recent small retracement created a higher-low which is an ideal place to put a tight stop for the trade
  • 20 SMA was recently crossed and held, luring in MA traders

As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Trade closed: stop reached: Stopped out on a gap
Kill those losing trades fast... trail the winners

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