PRAA stock price is testing a key support level

87 0 0
Here is the 4-hour chart of Portfolio Recovery Associates Inc. http://goo.gl/xXAYwl

Why I'd go long:

1. Key round number ($50).
2. Found support before (July and August).
3. Support confirmation on the 4-hour chart with bullish candlestick .
4. Volume increase.
5. Bounce off the lower band of the downward trending channel.

If I bought at $52 and set a stop loss of $2 per share, I'd sell 70% of my position at $54 for a 1:1 risk/reward ratio trade. I'd move the stop loss to breakeven point and would be looking to close 20% of the position 10 dollars higher. That would leave out 10% of my position for long-term gains.

Will you be trading PRAA during holidays?
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