Trade Journal: Long SHAK - 2/6/2020

I love this Cup & Handle pattern going on in SHAK. There is a clear level of resistance at around 71.50s and a possible gap fill all the way to 80.00. There are some nice accumulation patterns at this bottom and SHAK is looking strong. 18% short interest on finviz so potential short squeeze up here. Shorts will probably have stop losses in the 73 area.

Entry - 71.76
Stop loss - 70.10
Target - 80.00

Note

Wow that was fast... took off a small piece at 74.15 to ensure I book some small gains in this nice looking breakout. Still needs volume.

Note

I thought this area was a smart place to take off some gains since price is now at the 200MA. This moving average has acted as support and resistance in the past for SHAK. I also moved stop loss to right below the breakout zone at 71.00

Trade closed: stop reached

Did not update this trade but I was stopped out on 2/11/2020 at 72.56. I had moved up my stop loss at this level. Unfortunately I did not reenter at the break of the 200DMA.

Trader_Kaji

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Trader_Kaji

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