Trade Journal: Short XPEL - Support Failure - 2/24/2020
Updated
As market weakness continues, I been watching for new shorts to take right at market open. The gap down in the futures will probably create a lot of emotional sellers and stop out a lot of longs. XPEL has been having trouble keeping above all time highs and had a solid line of support to play a breakout trade to the downside. Both the 20DMA and the 50DMA had crosses and were how falling. These are great bearish indicators and I believe XPEL is due for some retracement.
Entry - 13.96
Stop Loss - 15.01
Target - 10.00
Entry - 13.96
Stop Loss - 15.01
Target - 10.00
Comment
Daily timeframe. Solid support at 14.50s. Broke down today and I went short at market open. Comment
Going to lock in profits down here. Took off 1/3rd at 12.52 and moved stop loss to 13.14. Noticed some relative strength in this stock compared to the rest of my shorts.Comment
Stopped out rest at 12.97.
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