Wednesday, March 30, 2011

VHC intraday bounce play

VHC was a tough bounce play today. It actually had a great bounce, but there was a lot of volatility. And there were actually several opportunities for bounce plays and continuation plays. The first opportunity that looked good for a bounce play was around $20.00. There was high volume and an exhaustion candle. The next candle had a higher low, which suggests a bounce is still possible. The buy looked good above that candle, but the trade never panned out as the price went up, but the bulls disappeared quickly. The continuation play below that candle was a nice play, as price dropped dropped to $19.50. There was another bounce play opportunity that ended up being great, rising from $19.50 to $20.90, but it was a tough one to take full advantage of because of the high volatility.

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