The stock looks to be consolidating and a pullback is very much on the cards.
Since 17th April average daily volumes are down to less than 10% of average April volumes. But what does this mean? Well, from my point of view, it means that the 'prices moves' the stock has made since the 17th April have no real conviction behind them (eg there is no professional money in the market) and more importantly, the large down day on 20th April was not a reversal, but a pullback.
So, revised Wellstream order
Buy Limit @ 535p (A minor pullback required for a fill)
Stop - 485.85p (Well below potential support - giving this trade some room)
Target - 606.85p (My initial target - depending on how/if it gets here, I'll make a decision)
Position size - £3.75/point. (£3.75 * 53pts = £198.75)
Max risk - £198 (less than 2% of AtticFund)
