...Continued... "Short" into "Long"
Updated
My "short" from 2.37 is up 23% ! We appear to be forming a bear flag now also... So my next target is looking like 1.91 which I have marked as a weekly level ! I am in from a good position and can set a trailing stop-loss for good gains now though ! But, thinking we "top" the bear flag around 2.20, and continue down... What I am also thinking makes this trade make sense, is the SMA's on the daily... They appear to be "evening out", which makes a down move, to bring the 200 down more closer to the 100, with the 50 close behind, something that makes sense ! Followed by a strong move back up, to force the 200 to "bounce" off the 100 ! Then we bounce back up to @ all SMA's, which is also around a key level @ 2.45 and a "retest" of the bottom of the previous major trend, to keep them "even" or "aligning"... Also, more down allows a "bargain buy" right @ the "typical" coldest point of the year ! All which also support "said movements". But, Thursdays #'s could play a key role here and help produce the bounce back up before down... All factors considered, this is the movement that makes sense, and we will wait and see what price action dictates along with Thursdays inventory report!
Trade closed manually
I cut this one yesterday @ 2.18 for 15% profit ! The break above the last consolidation, that I thought was forming a bear flag, looks to signal a reversal... Also looked to be forming a bull flag on LTF down towards the retest of the top of the most recent consolidation area. Flipped long with a few shares also...
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