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Last Update: 6.7.13
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6.3.13 Monday
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Entered Short Positions @ $136.49
Simple methods can be used here.
- Weekly bearish engulfing candle as of last Friday which could lead to Three Black Crows on weekly chart
- Broken below recent support of $137.50ish (yellow dotted line)
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6.4.13 Tuesday
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Added More Short Positions @ $137.41
- Trading below 10EMA (see arrows) = “Old support new resistance”
- Bear flagging
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6.5.13 Wednesday
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Gap Fill? 50EMA to Watch
Pink dotted line is the 50EMA. and it was served as support back in 4/18/13 so I will be paying attention to that tomorrow. Question is are we going to fill the gap tomorrow or bounce on 50EMA? We had a good bearish candle today but volume is ok but not great so I am wondering if we are going to just grind lower tomorrow to taste some of that rainbow (gap). My ultimate target for this trade is $128 (this is the price level where 100SMA is also coinciding) and from the looks of it so far, I think we can get there.
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6.7.13 Friday
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All Out of Short Positions @ $137.73
