As you can see on my chart CFLT has broken out of the short term downtrend line. It had a bit of a retest today, but so did the indices. This pullback might be a great entry opportunity. I'll be keeping a close eye on this one as the RS Line is also pointing higher (with a trail off today). I'll be looking for an entry in the next few days. Maybe tomorrow if all looks good. Ideas, not investing / trading advice.
As usual, feedback and comments are welcome.
Trade active
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Opened a 1/3 size position @ 76.52 Stop will be a close under the 50 DMA. Smaller position because we are under that line of resistance. However, risk is well defined and close by. Let's see what happens.
Trade closed manually
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1/3 Closed this trade mid-day @ 71.79 as it appeared as though it would close under the 50 DMA, which it did. I was going to try and hold until end of day but it well below the 50 MA, glad on this one I didn't wait. Still lost more than I thought I might.