Trade - Short MHO

MHO

After breaking out the 17.5 - 19.2 trading level on Apr 13.  The stock has been trading in a tight range plateau between 19.7 - 20.3 for around 2 weeks.  A bearish stochastics crossover occurred on Apr 21.  It lost the 9-ema support on heavy volume after filling the gap made on Jan 7.

I shorted 1000 shares at 19.41 on Apr 28, with mental stop loss placed just above the close of Apr 27 (20.1).  This is the low of the day, not a good point obviously.  I'm targeting at 18.6, the 50-sma.

The market tested my position on Apr 29 with a green candle closing above 9-ema again right at 20.1.  The move did not invalidate my opinion about an imminent downtrend as it is on light volume and stochastics still not signaling a reversal.  But if it closes above my stop for another day, I have to honour my stop.

Entry: -1000 shares @19.41
SL: 20.1
Risk: $690