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UA- Trading Plan
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I just entered into my first short position ever. JA just asked me what I think of Under Armor so I checked it out. It has a PEG ratio of 1.99. Thats really high! 2 is the max (thanks cramer!). On top of that I saw it jUst broke down through its recent support level. It looks like there was a double top and that this outperforming stock might start trending down. That is purely speculation but it sure does look like this is the case! What a perfect opportunity to test out my shortskiLLz . A down 125 day and a stock overvalued breaking down through its support on what looks like momentum. I sold short at 46.06. I am going to keep a close stop cause thisisssss my first short play.
If I am talking about shorting should I refer to support as resistance and resistance as support!?!? I duno I have never done this!
I am just going to keep them as is, talk about them like its a stock thats going up
Support- was between 46.10 & 46.30
The next major support will be about 45.50
The MAJOR support is around 43.50 and this is where I plan on selling (BUYING ACTUALLY!) |
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