Recently market weakness made me want to look for and take on some short ideas in order to hedge some of my long trades. I have been stalking CZZ short and long and today CZZ looks like momentum is carrying it to the short side. CZZ has been in an overextended run for the past year and looks ready for some retracement. The 20 and 50 DMA is falling and price is below these two moving average which is a good bearish sign.
Entry - 21.07
Stop Loss - 21.85
Target - 18
Entry - 21.07
Stop Loss - 21.85
Target - 18
Komentar:
Nice first day action. Moved stop loss to 21.50
Komentar:
Took 1/3rd off at 19.70. Relative strength today despite bad market weakness. Downside momentum is clearly running out. Going to book some profits on this trade. Moved stop loss to 20.30.
Komentar:
Dayum! I had no idea this would turn into a mini crash! I took off 1/3rd at 17.22. Target achieved! I will exit the last 1/3rd using a trend termination stop loss or if a bottom shows up in this market. I would not trust this gap down this morning and we could easily see indexes grind up the entire day.
Trading ditutup: target tercapai:
All out CZZ @ 18.61.