We've been making our way down to the target. We're getting pretty close so I tightened up the Stop Loss to 289.60. You can see on this chart the new Stop Loss is just over the most recent swing high on the 10 minute chart. You can see the target at the bottom of the chart at 286.
The 10 minute chart shows we had a Bear Flag during the regular session, followed by a breakout to the downside. Notice the heavy volume at the close on a push lower. You can also see a BB/KC breakout was just starting to the downside (Bollinger Bands/Keltner Channel). These are nice bearish indications.
My expectation is we'll hit the target by the close tomorrow, but being a Friday and the usual overnight reversal, I wanted to tighten up our stop to lock in the majority of our profit.
No comments:
Post a Comment