Mar 212013
 

The OCN short is up 11% since the recently posted backtest/add-on and still has plenty of downside left before reaching it’s price target (first and final).  I’ve included a 4 hour chart along with the updated daily chart below.  The 4 hour chart highlights a nice ascending & slightly contracting channel.  A break below this pattern will likely be the catalyst for a move down to the one and only price target (29.25) but also realize that support IS support, until broken.  Therefore, as this trade is already up nearly 11% from the original entry and up exactly 11% since the second posted entry or add-on level, this would be an objective area to book partial or full profits.  One could also take a new short entry or add on to an existing position on a break below the 4-hour pattern.  My preference and own plan is to hold out for T1 but I did want to point this support level out to those in the trade.  Updated daily & 4 hour charts below:

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