Marketgrind Financial Blog

This is a purely technical trade (although I do love pasta).  The setup is easy.  The stock opened up on the lows today and bounced.  I want to stop myself out below today’s low.  The big volume on the up days shows accumulation and the low volume sell offs reflect simple profit taking after a big move.  Another way to play this stock would be to establish a partial position here and wait for a pullback to 17 where previous resistance was.  You can stop yourself out of that small position below the gap and add to it on the bounce off of 17.

Tags: AIPC

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This entry was posted on Thursday, January 8th, 2009 at 8:18 pm and is filed under Focus Trades. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.