Bounce play with RR in mind Details on the chart.
Not a play I normally make, but gave it a go this time. The RR here isnt too bad.
Long Thursday at 12/28/2017 at $39.18. Did not have the best timing on my intraday entry, but thats fine.
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Closed over the 8ema today. Right at the 100sma. I may be a little early here.
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Concerns:
1.) the sell off on 12/19/2017 was because the tax bill was passed and utilities wont benefit as much as other companies. So potentially we saw some money flowing out because of that. Not sure I should be concerned about this. I do not have much of a fundamental thesis on this company.
2.) Low volume at the bottom of the trendline bounce. I would of liked to of seen more obvious signs of selling pressure being obsorbed there. Meaning loose hands are gone and there are fresh pockets in the game to allow this ride up some. Just a thought, I am by no means a pro at volume price analysis.
3.) I normally like to set price targets. I was not sure where to place the price target on this one. I will play by ear on the one and trail might Sl tightly once in the green with enough breathing room.
4.) We could see resistance from the ichimoku cloud. We shall see.
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