After following
NBR
for a few days and studying some of the fundamentals, I concluded that this could be a possible mid-long trade. On Monday after seeing the price dropping I decided to enter a buy order at 2.00 even after seeing support to be at 1.98. My order filled this morning at 2.00 and saw it taking off. I decided that if the trend continued, I'd possibly secure my profits and turn this into a day trade with a possibility of adding to my position. Volume continued to increase, RSI continued to steady and didn't see any sell-offs. I then entered a sell order at 2.70 just under the 2.74 resistance I saw. Why? Because there are times when stock prices don't reach resistance and come just shy of it. And seeing that I'm already well in the green, I'd rather secure my profits. Fast forward toward the EOD and bam! My order filled at 2.70 for a nice gain of +35%! Although the stock did hit my original PT of 2.74 I'm happy with 2.70 :) After hours movement seems to be well too and the day ended with a very solid bullish candle. There is a possibility for another run tomorrow so I'll be watching premarket action for another possible day trade position.
NBR
for a few days and studying some of the fundamentals, I concluded that this could be a possible mid-long trade. On Monday after seeing the price dropping I decided to enter a buy order at 2.00 even after seeing support to be at 1.98. My order filled this morning at 2.00 and saw it taking off. I decided that if the trend continued, I'd possibly secure my profits and turn this into a day trade with a possibility of adding to my position. Volume continued to increase, RSI continued to steady and didn't see any sell-offs. I then entered a sell order at 2.70 just under the 2.74 resistance I saw. Why? Because there are times when stock prices don't reach resistance and come just shy of it. And seeing that I'm already well in the green, I'd rather secure my profits. Fast forward toward the EOD and bam! My order filled at 2.70 for a nice gain of +35%! Although the stock did hit my original PT of 2.74 I'm happy with 2.70 :) After hours movement seems to be well too and the day ended with a very solid bullish candle. There is a possibility for another run tomorrow so I'll be watching premarket action for another possible day trade position.