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sponono
Super Contributor
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4 REPLIES 4
LTC
Contributor
I think the safest way to trade TBS, and all other retailers for that matter, is to wait for a bounce and then buy the breakout on the pullback. Atleast you'll have some sort of short term momentum on your side. Trying to call bottoms on these drops right now I think is too risky.
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sponono
Super Contributor
No bottom calling: the stock broke out of R288 and rallied to over R330, its now coming back to test the break-out point, IMO.
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LTC
Contributor
You can go put a buy order at R288 if you want. You could be right and get a nice early entry. Or you could wait for the market to confirm that level with a rally from R288 and then buy out from the pullback. My point is to wait for the market to move before going in. Besides I prefer R291 as a support.
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Wino
Super Contributor
Im my kind of territory: 61.8% fib re-trace confirmed on weekly chart. Daily stoch kissing the ground and rsi mega o/sold, however weekly rsi with +divergence.In this situation normally wait for 12sma to point north. Should still take a couple of days. Your 288 could still happen as todays up move made no impression on daily rsi.
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