Yet another nice looking short here, we have a formation of lower highs signifying a trend reversal to the down side. We believe this stock could move a long way down but we will be trading the smaller moves along the way. Our entry was on March 5th @ $1.75 with a first target in mind of a quite significant support level of $1.60 which will result in a profit of 8.5% (42.5% leveraged) and we expect to achieve this in maybe a little over a week. We will then watch for a bounce and short again on the next lower high. Stop loss will be set @ $1.85 which is just above the recent high.
DISCLAIMER: These are my thoughts only and NOT advice as I am NOT a licensed advisor.
Please consult your stock broker for advice.
Update 12th March: This trade went perfectly to plan. Profit target hit today after only 5 days in the market for a profit of 8.5% (42.5% leveraged) Who says you cant make money when the stock market is crashing? :o)