Summary
You can see above I have some things going against me. Firstly, the overall market is weak and today was a bad day. Secondly, it got rejected at the current contracting channels resistance and remains in that down channel. Thirdly, it closed just under the 50-day MA. All that equates to a much smaller chance of success. Not to mention the weak price move, channel resistance and 50-day MA are all quickly coming together, which will create a tough wall to get through. The only positive thing is that it was on little volume. I still like this trade, but if it can’t, at least, reclaim the 50-day MA tomorrow, I’ll have to make a decision about staying in it. The worst case is that I got in too early but could still get back in later.
