ORCL Trade Follow Up

ORCL is still in good position for a short. My update of March 20th can be found here. In that update I said,

"ORCL is lingering at last support, so again, at important technical levels, the breaks are never as clean in the real world as they are in the T.A. books and seminars.

The 2 day Trend Channel does a good job in holding ORCL's moves, however, if they run a shakeout and this is just experience and gut, I have no evidence, then near the Trend Channel stop out (on a closing basis), there is a very juicy looking level of resistance, a break through that (at the yellow trendline) would almost certainly shakeout shorts. This is why I prefer wide stops on initial positions, it would be a shame to get booted from a good short on a shakeout move. Just be aware of the area and remember psychology, the market is about fear and greed, the more powerful a shakeout or head fake move, the more it moves emotions which for too many traders dictate decisions."

Here's the ORCL chart 

The white arrow is the March 20th post as ORCL lingered around the bottom of the bear flag, the yellow trendline is the area mentioned above and yesterday was the shakeout. Usually the last thing we see before a reversal is a good head fake move like yesterday's so I still like ORCL and it hasn't moved so far from a reasonable risk management position.