UFS second try?

17. März 2015

I posted this chart before and was stopped out on a failed breakout. UFS came down and tested prior support one more time before now trying to break out again. It would be good to have a little consolidation before a breakout for a better stop loss level. The monthly pivots come in right at prior support levels, so depending on momentum i would take R1 at around 48 as first target and then look for a move to the 50-52 area. Personally I will have to be careful not to enter early again, but there was definitely some volume coming in on the failed breakout. Also I would add that if we fail to break out again, a deeper pullback is more likely.

Happy trading!