GMCR fell 37% from the peak in March over $130 to its low near $82 in June. That's a ripe selloff.
I'm going from being a rabid short seller to a bottom-fisher down here.
The stock has quite a few good things going for it technically speaking:
1. The stock popped above the lowest 3-days of trading range.
2. The stock moved up in a "range expansion" 3 bars ago.
3. The stock has 3 waves of selling and each has been less intense as measured by CCI(11,close).
From a risk management standpoint the stock has manageable risk here:
1. The stop is close at the 83 level vs 84.68 last.
The upside is the mid point of the 3 big volume down days in May. I'm targeting 92.20.
Tim
I'm going from being a rabid short seller to a bottom-fisher down here.
The stock has quite a few good things going for it technically speaking:
1. The stock popped above the lowest 3-days of trading range.
2. The stock moved up in a "range expansion" 3 bars ago.
3. The stock has 3 waves of selling and each has been less intense as measured by CCI(11,close).
From a risk management standpoint the stock has manageable risk here:
1. The stop is close at the 83 level vs 84.68 last.
The upside is the mid point of the 3 big volume down days in May. I'm targeting 92.20.
Tim
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