Tuesday, 3 March 2009

Mico Focus International PLC - Going Short

Initially my interest in Micro Focus was as a long term buy, but today saw a huge bear candle form (see screen shot below). The 20 and the 50 EMA joined forces to create a real level of resistance, which the stock was unable to close above. I'm expecting a move down to retest the 100EMA.













I've placed a guaranteed stop at 302 (max risk approx 2%), but I'll know well before that if I'm in this trade in the wrong direction.Target left open for the time being.

Lets see what happens


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