BEARISH- Close below 19.00 Stop 20.62 (or tighter intaday) = Target 15.01 and 11.68
Obviously this stock has been in a for a while and very well could keep going. I would consider it if it closes below 19 with a marbouzu style candle.
There are a few reasons that I am looking for move.
1. Descending have a high % of breakout
2. It fits into criteria for end of year swing trade that
a. it's down 50% from it's 52 week high
b. it a relatively well known "popular" stock that can move a lot once a gap up or nice pattern witha close above 21.74 and 19.72 Stop. Might get tighter stop off the hourly intra day!
3. This trade is based of year end trade that was introduced to our trading room. These trades seem to work because of a few year end factors , tax rules regarding taking losses and the amount of time you need to be out of the trade and Santa clause rally. From what I'm told they have a tendency to pop right at the end of the year and are good for a few weeks. generally you don't set target rather manage it every day. If it gaps up take 1/2 your positon.
So new to me - willing to give it a go as long a I keep within my plan and my max loss of 1R ($100) . Or virtually.,