BITA Pending Trade 4/21/16

BITA-Pending_4212016

BITA has a lot of “spike downs” in the context of a larger uptrend. You can see the daily chart I posted yesterday below and it will look really good on a break over the recent high – for a potential larger move.

But I decided to take a quick trade on the bounce off the morning spike-down and set the initial target up at the resistance. An idea might be to take half the position off at the target and let the other half ride for a bigger move if it can break out over 28.60.