SWIR didn’t break out and instead rolled over and dropped below the 9-ema and 17/43-ema’s in the 60-minute timeframe.
It’s in pullback mode now and may actually set up again at lower prices. I like the stock overall so the key is leaving it on the watchlist and looking for a technical setup on a pullback rather than taking the “breakout trade” which didn’t trigger.
SWIR is set up nicely for a breakout to new highs. It may or may not fill today but it’s still valid tomorrow morning if it trades up to 29.00.
It’s either going to break out over yesterday’s high and – or it will lose the 9-ema and roll over in which case we don’t want to be in it.
Very low risk on this trade. The only caveat is that it trades fairly thin. Most of the moves tend to happen in the 1st hour of the day.