CC, the short initiated south of the 50 day moving average. I might have targeted the price a little lower than I did for a better reward to risk play. The thought was that if KCS closed below the 50 day moving average, she would continue on down to the 200.
The rascal closed 3 cents above the 50.
You might be right. It may go up tomorrow, the stock is due for a technical bounce since it is so oversold. However, I see strong resistance at $16.50. I think it heads back down on any rally in the next day or two into that resistance. I think I'll raise my stop an extra nickel to $15.65. So there. <lol>
OK, that's how I see it today, subject to change my mind in the next day or two. I'm keeping the short open. I expect it to pull back on any rally into $16.50 and set a lower low. We'll see how it goes. One way or the other, no one trade makes or breaks the portfolio and that's what good money management is all about.
Good luck to you too.
stockcharts.com[h,a]daclyiay[d20041216,20050316][pb50!b20!f][vc60][iut!Lah10,30,5!Lp12,3,3]&pref=G
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