What looked too good to be true last weekend really was. BOT reversed out of gapfill mode around mid day on Monday and has driffed higher since. But $190 has proven to be resistance albeit weak, so I would exit any remaining short positions in BOT there. I should have been more clear about a stop last weekend, which should have been set at the top of the gap, $185. I made the mistake of not setting the stop myself and am still holding. I think there is still a decent chance of BOT heading back below $185 at which point I would want to be very short. Targets on short positions are circled in blue. Please click on the chart above.
Wednesday, April 04, 2007
BOT Update
What looked too good to be true last weekend really was. BOT reversed out of gapfill mode around mid day on Monday and has driffed higher since. But $190 has proven to be resistance albeit weak, so I would exit any remaining short positions in BOT there. I should have been more clear about a stop last weekend, which should have been set at the top of the gap, $185. I made the mistake of not setting the stop myself and am still holding. I think there is still a decent chance of BOT heading back below $185 at which point I would want to be very short. Targets on short positions are circled in blue. Please click on the chart above.
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