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has been a bit of a troubled stock. However, they did beat on earnings, and they have announced 265 job cuts and office closures to boost profit. I am taking a chance here on a "turnaround play." I opened a ¼ size position just a bit ago. I’ll place my stop just under the low of the day (that’s about a 9% stop, bigger than I like but it has moved that much today, hence the smaller position size).
I like the volume on earnings day along with follow-up volume the next day. It is on track today to be about 150% of the last 10 days average volume so buyers are showing up. Although it is now above its 50 DMA it has yet to cross the 40-week MA (white) and just above that in light green is the 18-month AVWAP. Those could be strong areas of resistance, TBD.
Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
Comment:
Correction on todays volume. It is looking like it will be around 110% to 120% of last 10 days. So not tracking as good as I thought. Still it's good volume and buyers are in control for now.
Comment:
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I have brought this up to a 1/2 sized position based on the VCP pattern on the 5 min chart. I have a tight stop at the most recent low on this 5 min chart.
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I have brought this up to a 1/2 sized position based on the VCP pattern on the 5 min chart. I have a tight stop at the most recent low on this 5 min chart.
Comment:
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I am already long this stock and underwater a bit. Having said that we have a nice little pennant formation along with a Volatility Contraction and declining volume as it pulled back from my entry. IF,
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breaks higher I'll add to my position. If however, it brakes to the downside, I will close out and wait for another set-up. All TBD.
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I am already long this stock and underwater a bit. Having said that we have a nice little pennant formation along with a Volatility Contraction and declining volume as it pulled back from my entry. IF,
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breaks higher I'll add to my position. If however, it brakes to the downside, I will close out and wait for another set-up. All TBD.
Trade active:
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this broke to the upside as I had wanted. I have added to bring this up to a 3/4 size position. Stop this tranche will be todays low.
Let's see what happens.
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this broke to the upside as I had wanted. I have added to bring this up to a 3/4 size position. Stop this tranche will be todays low. Let's see what happens.
Comment:
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we are now right up against the 40 Week MA. Let's see if it can get up and over. This "could" be potential resistance. TBD.
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we are now right up against the 40 Week MA. Let's see if it can get up and over. This "could" be potential resistance. TBD.
Comment:
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I have taken 1/2 of my position off here as it backs away from the 40 Week MA and it is also fed day. No need to risk losing a gain of 3.3% so far. I will place a stop now for breakeven on the remainder so no lose trade at this point.
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I have taken 1/2 of my position off here as it backs away from the 40 Week MA and it is also fed day. No need to risk losing a gain of 3.3% so far. I will place a stop now for breakeven on the remainder so no lose trade at this point.
Ideas I publish are my own. They 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.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.