I just opened a short position at current price. I will add if price tests the $24.8 resistance level and is rejected. Important to see a rejection before adding another short position.
Simply posting this trade as an idea. I have a starter position (noted on chart) with a very tight stop. If this helps follow your own rules. I sometimes publish my ideas in hopes of helping others learn to trade. This is not trading or investing advice in any way. Happy Thanksgiving!
Focus stock for today: $RELL. Strong group (industrials), price tightening up after recent ascend. 10 and 20 day moving averages have converged, and we now have an inside-day bar on Tuesday to trade on.
Cup with handle that could have been entered yesterday. The bottom of the handle retraced just a smidge above the .50 fib level before bouncing back up with the last two days sporting a pocket pivot.
Richardson Electrics (RELL) makes components for microwaves, power grids, generators and data display monitors. The stock is a rare sign of strength in an otherwise abysmal market.
RELL is completing a cup with handle pattern that began in January, and the stock is currently just 5% from new all-time highs. The relative strength line has been surging for the last...
The company has $46m, or $3.46 a share, in cash and net current assets of about $106 million or about $8 a share. The companies liquidation value is about $10 per share.
Companies like this can sell for 1.2 to 2.5 times revenue. RELL’s revenue per share is $11.72. The potential of the stock moving from being perceived as a value stock to a growth stock will...
