Just shorted 400 share of MIPS looks good on the charts for a run down on the RSI and the MACD let me know think it's going down to $5.60. Let me know.
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Mach's Picks
Just shorted 400 share of MIPS looks good on the charts for a run down on the RSI and the MACD let me know think it's going down to $5.60. Let me know.
It looks like $6 is a support level that you may have to contend with on the short side. You're going against trend on this one by being short. The stock is showing relative strength compaired to the rest of the market which was down big today.
IF it breaks $6 you'll probably make it down to $5.50, but I think the better play on this one for an intermediate or longer term play would be to buy the dips until the uptrend is broken (per relative strength in a weak market, uptrend)
Heavy resistance is at 7.30.
Questions to ask yourself: What's your plan to get out if this one goes against you? Where are you getting out? Do you have 4 call contracts as protection?
I am bearish on the market and it is possible that this one is one of the last stocks to fall, BUT I'd be looking for some confirmation before I shorted it.
Yeah you're right i rushed this one should have waited till fell below $6.00 to short but maybe a lager should have waited. I should have waited violated my own rules to wait for conformation on direction.
yeah, it looks like a better long to be honest. the weekly chart shows nothing but steady buying and even the monthly chart looks good. I'm actually adding this to my watchlist now
depending on how big this play is in your account, and your timeframe - i'd be pretty quick to close out the position if it started to head above $6.40. maybe you'll see it close the recent gap below $5.90 soon.
