IMAX-Trade Setup
Posted on April 13, 2010 by trader21 in *TODAY'S STOCK SETUPS
IMAX trade setup
We have been looking to get into IMAX for some time now but we don’t chase a stock after it has made a move. We are currently at a point where we do see a high risk entry point. The setup we see is a pullback bouncing off the 21 day moving average. If we could get a move above the 17.30 price tomorrow we would consider getting in for a short term trade with hopes of a further run. Knowing that on a trade like this the next support levels are 10-15% lower, we would close the trade if it
traded below the 16.53 level. We would however prefer a pullback further down to the $15 level and would look for an entry on a reverse off that level. The risk/reward ratio would be much more favorable at those levels.
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