I bought 200 shares of MTL at $147.85.
Setup: Trend Pullback. The stock pulled back to the 50 day moving average and seems to have confirmed that it will hold. I like the volume pattern and obv looks strong.
Risk: My initial target is the old high around $160. I will either take full or partial profits at this level. My stop is under the 50 day moving average, around $136. Only about a 1:1 reward to risk, but I feel the probability of the setup is strong.
Concerns: I would have liked to enter closer to the 50 day moving average, under $145. Also, the market in general is still overbought, so it could pull down this stock if we get a market pullback.
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