- On weekly basis showing strength and in a sustained upmove
- Currently around 1700 or so. However there is a chance of reversal on the daily chart back to 1650. Keep this on your watchlist and buy in dips back to 1650
- One good strategy could be taking a small position - 20% of your full size now and then catch more on the downside
- Strong resistance at 1580-1600 and this can be used as the buy zone. Ideally buy stock for a 3-6 month period (8-12 weeks)
Comment:
Stop at 1560 and lower - so position size this appropriately (dont take a large position to begin with)
Trade closed: stop reached:
Exit position as stop hit. The stock was very overbought and that was the biggest mistake when buying it
Best advice ever - Cut your position size by half.
