TECH Short trade on break of upward wedge

TECH 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.

ความคิดเห็น:

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

ปิดการเทรด: ถึงเป้าหมายการทำกำไร:

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