LOSER TRADE:

Entry Date (02/04/14); Long 32.29; Stop 31.90; Exit Date (02/05/14); Exit Price 31.90; Loss = -1.21%

Reason: Potential bullish falling wedge

Requirements:

  • Today price must not close the gap at 32.24
  • The wedge needs one more corrective down leg, hopefully, establishing a marginal lower low maintaining the positive divergence of 60 min RSI
  • This scenario could be invalidated with an eod print below 31.22

If the wedge pans out the initial target is located in the range 33.23-33.76

SCO

 

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