I’ve never actually traded this stock before, despite the fact that it is listed on the S&P 500, however, the clearly marked support and resistance levels are undeniable. So much so, that I believe this is a fairly safe short-setup should it push back up in to the $36 range. Especially with that 200-day moving average that hovers just above resistance. See for yourself…
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Refusing to take a loss when the trade has turned, and the reason for getting into the trade in the first place is no longer valid, is one of the biggest problems traders face. In this video, Ryan Mallory discusses the pitfalls that comes with refusing to take the loss and instead opting to become a bagholder on one's trades.
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