jaxdog

$SMCI Ready for Flat Base Breakout?

Long
jaxdog Updated   
NASDAQ:SMCI   Super Micro Computer, Inc.
I have an alert set on that resistance line where I’ll look to go long if the market also looks good. There is a big gap from Aug 9 that I think can be filled. However, there is also some resistance apparent around $297 looking back at the 2 big red bars. It looks to me that SMCI found support at the All Time High AVWAP. See notations on chart.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
Trade active:
I have started a 1/3 sized position in this as it seems to have found support at the 50 DMA. My stop is now is a close under the 50 DMA. I will add if / when it moves over the overhead line of resistance.

Comment:
Just 30 minutes into the trading day we have 1/3 average daily volume. This is lining up to be another Pocket Pivot Day (TBD)
Comment:
I had brought this up to a 2/3 sized position later yesterday. I just took 1/2 off with a 26.25 per share profit. I have a hard stop on the remainder at a $22 profit per share. Take $$$ when the market gives it to you.

Just because I am closing part or all of the position does not mean I am done. It has been a fast move and I would like to see it pullback and start up again at which time I'll look to make another entry. All TBD.
Trade closed: stop reached:
Just closed out all remaining shares as my hard stop was hit. Back on watch list.
Comment:
I am liking this pullback on $SMCI. I am hopeful that it pulls into the breakout area and then resume it's uptrend. All TBD. This is my #1 watchlist as it can have explosive moves higher.

Trade active:
SMCI pulled back to the All Time High AVWAP and bounced. I have added 1/2 size as it crosses back over the breakout area. Stop just below today's low. Let's see what happens
Comment:
I'm back on $SMCI. This triggered for me this morning. Running a tight stop. Let's see what happens.
Comment:
I have added to this position again this morning as it takes over the 50 DMA. Stop on this lot is a close below the 50 DMA. Now 3/4 sized.
Comment:
Just added another 1/4 size to bring up to full sized position. Stop this lot close below 50 DMA. I may look to bring this up to 1.5 size position, TBD.
Trade closed manually:
I closed this position as the market as a whole is pulling back on more interest rate worries. I made a "small" profit as I didn't want to sell but preserving capital to fight another day was / is the right thing to do. This is still high on my watchlist. I'll start a new idea if/ when I see another opportunity.

Ideas I publish are my own. These are not meant to be investment / trading advice. You are encouraged to do your own due diligence.

I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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