Here’s Something I Look For In Potential Shorts
When the broader markets gap
aggressively lower into zone supports, my focus tends to be in the form of
intraday reversal longs–but, after the
initial jamming of the early morning retail order flow is out of the way I will
look for potential short opportunities that still might make sense in an
oversold market.
My own preference is to find stocks that have
both technical and fundamentally compelling reasons to be considered a potential
short. In today’s trade, one such stock was ESMC. This particular issue was
showing technical weakness on the daily and intraday time frames, but it also
had the extra bonus (in my opinion) of trading lower after its earnings release.
11:33:27
Intraday Setup Alert
Escalon Medical (ESMC)
has put in a symmetrical intraday
triangle as it moves below its 50-Day EMA–off 1.93 at 18.65.
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It doesn’t always work, and some daytraders can’t
be bothered with the news, or don’t even want to know what a company does as it
might cloud their trading decisions. I respect that attitude, but for
me–trading with a little bit something extra seems to make a whole lotta
‘cents.’
Chris Tyler