We saw the bearish candle stick pattern, Dark cloud cover for Edelwiess. The recommendation was to short this stock . Today there was a tug between bulls and bears spinning top formation. In the end the stock has closed in positive territory. I missed the opportunity to buy at 138.40 early in the day (my offer was for 138.50). However, when I entered the bulls had already taken charge and the stock surged to 142 levels. I still had confidence in the bears and bought despite the strong uptrends the minute charts seemed to indicate. My overall price was for 139.42. Towards the end of the day the stock did not show much movement and volumes also died down. I was somehow able to offload at a small profit.
During such trades it is important to act quickly and have clear targets and stop losses. The weakness the stock showed despite positive buoyancy in the market indicates my assessment for a short opportunity was justified. This stock will present further opportunities once the market consolidates.
During such trades it is important to act quickly and have clear targets and stop losses. The weakness the stock showed despite positive buoyancy in the market indicates my assessment for a short opportunity was justified. This stock will present further opportunities once the market consolidates.
