Flipping to the short term, we can see that what needs to happen on the retrace is occurring -- volume is light as price retraces.The two buy zones are shown on this chart, the first of which is within striking distance. I would look to start some small purchases around the $9 price level with the idea of buying on a further retrace short term. You do have to protect your holdings under the $8 level (take partial losses) because if prices retrace that far then the $6.75 to $7 level is likely to be hit. There's no need to hold all the shares on a retrace that deep if it was to come about, but do note that a retrace to that level is possible and would be a normal correction on a long-term basis if it was to occur.
Bofi Charts: Long-Side Opportunity
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.