SBE found support at $34

After breaking down from the rising wedge SBE found support on the strong level of $34, which is about half of the height of the wedge. It is not finding resistance on the 21-ema, which roughly coincides with the .236 fib extension level. Stochastic RSI is curling up, which shows bullish momentum. I used the Stochastic RSI instead of the Stochastic because it reacts faster and in a situation where the price is trying to reverse it can provide faster signals for quicker actions. This doesn't mean the price will continue to go up but in the short term it can aid in entering/exiting positions.

I have quite a few shares of SBE. I am looking into selling some if we get to $40, where the 50-ema is converging at the time of this writing.

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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***

Commentaire:

Up 10% at the moment. I took some profits already at the $40 resistance.

Trade fermée manuellement:

Closed for a 20% profit.

Commentaire:

Momentum is bullish so I will jump back in at around $38 with a tight stop loss, which is currently the confluence between the 21-ema and the .236 fib retracement level:

Transaction en cours:

Jumped back in with an average price of $38.22 after the sell off.

Trade fermée manuellement:

Closed the trade this morning for $40.51 a piece. Good and quick profit on the bounce. Waiting to see what SBE does next.

Transaction en cours:

Entered again at $40. Stochastic and MACD showing bullish momentum. We may hit the top trendline resistance at around $50. If/when we get there I will take profits: