Wednesday, May 6, 2009

Watching ACN for a Short Trade

Here is the chart of ACN, one of the stock on my short list, I'm watching it for a possible short trade that could happen today or tomorrow. My plan of entry would be to sell short at $30.05 just a little below yesterday's low. Its nice to note that the down pointing trend line have served as a strong resistance see February and March trading action. The trend line have rejected the price advance twice. It is also a good area to place a buy to cover order somewhere just above around the $31 level. Both the RSI and Stoch looks like they're getting ready to slide down. If all what I'm seeing unfold then that would be a text book short scenario. I'll keep you posted as usual.

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