Reason to buy :
1. Accumulation in the $5 - $6 area, it's been accumulating from $3.
2. Retracement stopped at the .38 level, which is still uptrend.
3. 200 SMA acted as a resistance on 01/27, but people accumulated more @ $5.40 - 5.50 area
Reason to sell :
1. SL $5.30, it's a reasonable and tight stop but RR is good with this setup.
*NOTE*
**I see a small RSI divergence in the chart. I would sell if T1 and R1 act as another resistance.
Trade active
Trade closed: stop reached:
I took some profit at @6.10, I'm out at 5.17.
The market mood has changed to bearish, I think it will continue for a few days.
The market mood has changed to bearish, I think it will continue for a few days.