7th Oct 2011–A short on Telecom industry.

Buy $	Sell $	Sell Short $	Buy Back $	Stop Loss $	Profit / Losses	Duration
		40.00		44.00

 

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

 

1. Daily chart shows that price dropped below the $40.00 trend line.
2. Intraday shows that the 20MA and 50MA line continue act as resistance lines.

 

Lesson Learnt:

 

1. My entry again sucks. Market has started to be bullish. I should have set my short purchase point at the intraday down trend line intersection which is around $41.00.
2. The very high volume a day ahead was a bit worrying. Is it a volume that comes in as support when the price gapped down to $36.00 or it is a volume that is running away?
3. Weekly chart shows that 100MA line is the resistance line now.

 

Intraday Chart

Historical Chart