Still holding this one, but it is somewhat making me nervous, perhaps that's a sign I should follow my gut and exit this position. Watching level II, ISEG seems to have a ton of shares at the ask that seems to prevent this from running. The stock does have some odd moving behavior and is pretty erratic on the hourly chart, I don't have a stop loss riding on this one, but definitely a mental stop will be in play on a break below $3.20 on some volume. I may re-evaluate an early exit in the $3.38ish range as its been showing some resistance in that area on the hourly. If it hits up there, I'll look to sell quickly, and hope it bounces back down and off the rising triangle to play again. This one is in my Roth IRA, so at least the funds will have settled.
FLOW
I kept an eye on this guy and saw it break through the $3.20 resistance that I wasn't sure how strong it really was after further analysis. It looks like I got faked out on that pull-back to just under $3.00 - but I wanted to ensure I didn't loose the profit I had already locked in. It was already a loss of money on the table on the drop from $3.19 to the sells at $3.06/$3.07. Its now in a mini-consolidation at $3.33-$3.39. I don't like the risk to reward here, as I don't trust the $3.20 as support to use as a stop-loss. I would consider using it as an entry to minimize the risk. Will be keeping it on radar.
No comments:
Post a Comment