Sunday, January 2, 2011

LULU (swing, setup)

after the explosive run-up, has seen an orderly down channel pullback closing in on 20MA, RSI has steeply worked off overbot conditions (49.17), bearish MACD cross & overbot levels in the market has me cautious so if I do take trade will have small size

Trigger alert: 68 (sup bounce) or 70.5 (B/O of down channel)
Stop (max): 67.5 (sup bounce) 69.5 (B/O of down channel)
Target: 70 (sup bounce)+ 80 (B/O of down channel)
RR: +3


30 min

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