Trade Journal: Short XPEL - Support Failure - 2/24/2020

As market weakness continues, I been watching for new shorts to take right at market open. The gap down in the futures will probably create a lot of emotional sellers and stop out a lot of longs. XPEL has been having trouble keeping above all time highs and had a solid line of support to play a breakout trade to the downside. Both the 20DMA and the 50DMA had crosses and were how falling. These are great bearish indicators and I believe XPEL is due for some retracement.

Entry - 13.96
Stop Loss - 15.01
Target - 10.00

Kommentera:

Daily timeframe. Solid support at 14.50s. Broke down today and I went short at market open.

Kommentera:

Going to lock in profits down here. Took off 1/3rd at 12.52 and moved stop loss to 13.14. Noticed some relative strength in this stock compared to the rest of my shorts.

Kommentera:

Stopped out rest at 12.97.