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$NOAH plunged to the 200dma on Tuesday but caught support. On Wednesday it maintained support and today it proceeded to gap up on heavy volume . For fans of the “Right or Right Out” (RORO) trade, $NOAH offered it vs the $21 level (both Tuesday and Wednesday’s low of day). The reason this was a good RORO trade was because of the following:

-Shakeout below major support (200dma) And recovery
-Support established consistently (back to back days at $21)
-Day two (in this case Wednesday) showed support by closing in the middle of its range
-Small distance between entry and exit (if entering at close do day Tuesday at $22.22 vs $21 exit)

Today $NOAH reversed, closing at the low of its trading range. It found resistance at the 10ema. For those in the RORO trade, today would have been a good day to lock in profits. For those letting it ride, they’d want to see today’s low of day at 24.70 hold.
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