Big drop out of the gate today so I played the other side of the stock. It was as high at $5.80 premarket and opened at $4.59, so it was downtrending. I waited a little before I shorted at $4.00 and then the morning panic began.
I was pretty much comfortable with my short even though it bounced when it hit a few support levels. But it just cracked through them. My target was at $2.80 because there is a support level at around $2.89 and I wasn't sure if it could break that support too so I covered at $2.80. As am typing this, I was right to cover for safe profit because it seems to hang around $2.80 as a support right now.
30 % profit, not bad
I was pretty much comfortable with my short even though it bounced when it hit a few support levels. But it just cracked through them. My target was at $2.80 because there is a support level at around $2.89 and I wasn't sure if it could break that support too so I covered at $2.80. As am typing this, I was right to cover for safe profit because it seems to hang around $2.80 as a support right now.
30 % profit, not bad