Setup: Overbought Bounce Nearing Resistance (anybody have a better name?). Stochacastic readings have reached extreme levels. The stock is nearing price and moving average resistance.
This is a short term trade. I'll exit when either my stop or target is hit.
Risk: My stop is above the moving average, in the around $37.60-38. The target is $33, though I may take partial profits earlier. This gives me a 2:1 reward to risk ratio.
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