My Investment Diary [Day 12] – Trimming AAOI into a price level decider

Action:

Trimmed AAOI at average 104

Insights:

AAOI’s price continue its strong rebound after it opened lower than the previous day’s close in a show of strength and closed at its session’s highs resulting in a bullish engulfing.

Price closed at the 102 levels which coincides with the inverse head and shoulder level as well as a VWAP confluence, prior ATH and an upper trend line.

This is therefore what I consider a price level decider. Price will show what the market wants to do. Move above here decisively and probability favours a rally to new highs. Stall here and a pull back first before the rally.

As such, I decided to trim half my positions here pending market decision.

@Bridge Buzz SG