MichaelGLamothe

How you could have played the bounce in $REN

NYSE:REN   RESOLUTE ENERGY CORP COMON STOCK
29 0 2
Here we have a great example of a former resistance level turning into support. The $20.48 level was a clear resistance level that $REN broke through on 9/2. This level was retested on 9/27. With the 21ema right around this area, it increases the chances of a potential bounce. Additionally, on 9/27, $REN dipped below $20.48 but closed above it.

A position could have been taken either EOD             on 9/27 at 20.96 if you wanted to be aggressive OR you could have waited until 9/28 and taken a position when $REN moved above the 9/27 HOD at 22.20 and set a stop at the low of 20.47.

With high momentum names like this, its important to never take your eye off the ball. Be patient, don't chase             , and let them come to you. Keep them on a ready list while they start to consolidate and simply wait for the opportune moment...generally speaking, that is a test of a logical support zone like what we saw here.
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