As
SJM
broke its minor downward trendline and came back down to a retest, a long position is entered with a tight stop.
Factors leading to the decision:
As always, respect a tight-stop. If it rips up, let it run and trail stops behind.
SJM
broke its minor downward trendline and came back down to a retest, a long position is entered with a tight stop. Factors leading to the decision:
- The small recent downtrend has been broken
- The downtrend was broken after a few bounces off of major support that's been important for months
- The 20ma was broken, pulling in moving-average traders off the side-lines
- A recent low offers a perfect spot to put a logical technical stop
- Price just now broke through recent highs, showing more strength
As always, respect a tight-stop. If it rips up, let it run and trail stops behind.
Trade closed: stop reached