TECH Short trade on break of upward wedge

13 Şub 2020

TECH recently broke its major upward trendline, creating a short trade possibility with a small risk and high reward.
As this trade progresses, longs would will be forced to exit, creating a potential for a steep move down, at least to the trend start around $190

Factors leading to the decision:

• Price was rejected trying to make a new high in January, creating a new minor downtrend
  
• Heavy volume as it broke the upward trendline
  
• Today (entry day) price came up to re-test the trendline and was rejected
  
• Price has crossed and held below the 20ma two weeks ago
  
• Two recent high fractals offer great places for tight technical stops
  

As always, use a tight-stop and if it rips down, let it run and trail stops behind.

17 Mar 2020

Not

Still hangin onto this trade... moved stop down to 180.25

21 Nis 2020

İşlem kapandı: hedefe ulaştı

I was stopped out of this successful trade at 180.25 for a 15% gain