TECH Short trade on break of upward wedge

recently broke its major upward trendline, creating a short trade possibility with a small risk and high reward.
As this trade progresses, longs would will be forced to exit, creating a potential for a steep move down, at least to the trend start around $190

Factors leading to the decision:

Price was rejected trying to make a new high in January, creating a new minor downtrend
Heavy volume as it broke the upward trendline
Today (entry day) price came up to re-test the trendline and was rejected
Price has crossed and held below the 20ma two weeks ago
Two recent high fractals offer great places for tight technical stops

As always, use a tight-stop and if it rips down, let it run and trail stops behind.

Note

Still hangin onto this trade... moved stop down to 180.25

Trade closed: target reached

I was stopped out of this successful trade at 180.25 for a 15% gain

ericsolan

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

ericsolan