By Jeff Pierce
Nove 14th Trade Idea Recap
This turned out to be a big winner. It's easily reached my $53-54 target and kept going after I first wrote about it on Sept 26th when it was trading at $45. I would have been out of this trade most likely to early to capitalize on all of this move. It'll likely move back near $70 range but overall I think this trade is pretty much done.
10.07 Update - Today's bounce was due to an analyst reaffirming it's "outperform" rating - not exactly a reason that gives me the confidence that this bounce will stick, but should be good enough for a few more day's of rally as this should start to find some resistance around $53-54.
I rarely trade IPO's due to lack of history however I'm going to test out a strategy over the coming months to see if it yields profitable trade ideas. Generally these trade in their own world so that's one benefit because it doesn't matter what the general market's are doing. However I'm slow to adopt new strategies before they are proven and below is one where I feel the chart is approaching decent support indicated by the RSI approaching the 40 level. This is a very strong trend that drove this up over the summer and after it finds it's footing it's likely to begin a fresh leg up.
tradewithZEN trading results since I started keeping track in June.