F is caught in a trading range at the moment, which is not much different from the one which lasted nearly 3 months earlier this year. The previous range was from $12-13, whereas the current range is from $10-11. I also like the fact that the current range is less than 2 months old. There are no guarantees this one will continue, but it’s not uncommon to see patterns mimic previous patterns from recent weeks or months.
That said, I’m getting long some F here off support (long from $10.02). I’ll be stopping out below $9.80 and am looking for a lift up toward $10.75. I like the risk/reward for a trade given this range and the personality of this stock.
This is a position trade and not a swing trade, which is why it is not listed on the Trades Overview grid (as those are shorter-term swing trades). I just wanted to share with you this setup and my plan for the position. Earnings appear to be tentatively set for July 27th, although that is not confirmed. I’ll look to exit prior to that event, and will follow up with any additional notes via the comments section for this post. Here’s a chart:
Needless to say, I’m out of this position given the breakdown from the trading range today (wanted to be official about it and point that out). Anytime the basis for a trade is negated, it’s time to move on, no need to hang around and hope.