1st July 2011–Take a SHORT on the ARM

Buy $	Sell $	Sell Short $	Buy Back $	Stop Loss $	Profit / Losses	Duration
		28.40		29.21

 

Reason for Buy / Sell / Sell Short / Buy Back:

 

1. Intraday shows sign of double top and resistance from the 20MA line.
2. Daily chart shows that it has got too many resistance -- Trend line, 50MA and 100MA lines.
3. Weekly chart shows that it faced resistance of 20MA line.

 

Lesson Learnt:

 

1. Indexed are rallying big time. Be careful. But I see tht indexes has come to their nearest resistance line too.
2. Shorting stock when market rally is not an easy task.

 

Intraday Chart

Historical Chart