EXAS- Short from ResistanceEXAS- Short
Trade Logic: Shorting the Resistance
Entry: 12.35
Target: 11.30
Stop-Loss:
Video link: www.screencast.com
Time Span: 38.20”
E2XA34 trade ideas
$EXAS long above $6.70 and resistance to $8$EXAS on watch for move to $8. Could take a few weeks as it has made a nice move over the 50MA
Nearing a level of resistance *S/R* I suggest researching the fundamentals on this company, and what is being priced into the stock price.
Now for the technical aspect of the stock...Price has dropped into a range of consolidation with the 200 Moving Average confirming the range by essentially going flat YTD. What I'm monitoring is for a breakout above $25.00. If there is no breakout and price heads back down lower I have no interest short selling into this company, and I will sit aside and wait to be on the bid at support ($20.10-$21.00)
Notes: I consider a breakout above resistance as a daily candle close above resistance.
