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
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Trade closed: stop reached
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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.