It has been hugging the top of its trading channel for the past few weeks indicating overbought levels. It also tried to break out but it failed twice.
My entry and exit are shown in the chart.
My original exit was at point 2. However, I had trouble contacting my broker to sell them(specially last Nov 22), so my exit was extended up to this point.
I was concerned about its:
1. Bearish divergence on its MACD visible on the daily chart(point 1 and 2 on price and MACD); and
2. Bearish divergence on its histogram suggesting weakening upward momentum.
3. Too much price spread during trading. I have a relatively holding a small amount of shares but I couldn't sell them @market without driving the price down by around 3% or so!
However, point 3 on ROC suggests a "buy" on rebound but I am not willing to bet on it.
It could also be moving in a "box" but I'm not patient enough to sit and wait for the boxes to move:
Comparing it with my previous position in DMC(1 month):
The trade did fairly well, profiting from both positions.
Conclusion: Sold with 7.53% profit, around 50% off my highest gain in this position.
Good entry. Late exit.
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