WIRE bearish
Further to my bearish TA post for WIRE HERE, I note that there was some very nice impulsive selling for as much as +22% profit in early June.
And today WIRE produces a channel short. Target for the short is the weekly SHS target of 14.00 or +58% profit. For a nice reward/risk ratio of 10, one can risk up to 5.8% for the stop. From the closing price of 33.57, that’s $35.50 which happens to be above some price resistance recently.
Loading...
[…] Further to THIS POST the WIRE short from 33.57 turns into +2.5% profit, after coming close to stopping out. The last 2 sessions has seen it move in the expected bearish fashion to +2.5% from entry. Stop to even when +4% would be a wise approach to a trade like this one. […]
Technical Trades » WIRE the call turns green - July 21st, 2006 at 10:49 am