HVN - Harvey Norman Bears come out to play? - Short Idea
Harvey Norman another stock looking to blow off some steam after a nice Covid bull run. High demand in online shopping sector combined with the Covid lockdowns and agreements with BNPL companies saw nice 160% Gains for Harvey Norman. However The bears look to be in control here and we should be able to pick up some solid gains within the correction phase by going short.
Currently price is rejecting off the 100 day MA on the daily chart and Relative strength index is in oversold territory. Given new outbreaks in Australia and short lockdowns in Victoria (Which may go longer) We may see a change to the upside. Again another stock which i feel is in need of a solid correction. I'm chasing the gap fill here
My Long term target is set. Where's yours?
As always tight stops! Manage your position and review it. My position will change long to short multiple times over the duration of any correction depending on risk reward ratio of course :)
I AM NOT A FINANCIAL ADVISOR- I LOOSE 100% OF MY TRADES IF I DON'T PAY ATTENTION & STICK TO MY TRADE PLAN - YOU WILL TOO!!!
Tight Stops and big profs - Happy Trading :)
Opinions and advice welcome :)
Currently price is rejecting off the 100 day MA on the daily chart and Relative strength index is in oversold territory. Given new outbreaks in Australia and short lockdowns in Victoria (Which may go longer) We may see a change to the upside. Again another stock which i feel is in need of a solid correction. I'm chasing the gap fill here
My Long term target is set. Where's yours?
As always tight stops! Manage your position and review it. My position will change long to short multiple times over the duration of any correction depending on risk reward ratio of course :)
I AM NOT A FINANCIAL ADVISOR- I LOOSE 100% OF MY TRADES IF I DON'T PAY ATTENTION & STICK TO MY TRADE PLAN - YOU WILL TOO!!!
Tight Stops and big profs - Happy Trading :)
Opinions and advice welcome :)
Trade closed: stop reached