SRS was a long pick from July 27th @ $13.77, it's now at a gain of 19+% in 6 days. Ultimately my target for SRS is much higher, but I want to revisit the stop as I know some of you are swing trading it.
Here's out entry on 7/27
This is the original proposed stop using my Trend Channel on a 60 min chart, since there has been no close below the Trend Channel, it has held the entire trend thus far and the updated stop is in the area of $15.75-$16.00 currently.
In fact this tighter Trend Channel stop has also held the trend, this stop f you want something tighter is currently at the $16.00-$16.25 level.
Ultimately my target for SRS s around $60, with a consolidation area around $30.
Price has moved up too fast to use the long term trend channel, although on the first pullback, we should be able to switch over to the longer term stop for those of you who have a trend focus.
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