HL (Helca Mining Co.) just hit the first target, 6.32, for a quick 6.5% profit. T3 at 4.87 remains the final target at this time although those that were only targeting a quick pullback trade to T1 should consider booking partial or full profits and/or lowering stops to protect profits.
HL daily Aug 23rd
My (partial) reply to a question today about adding to an existing short position on HL:
I think it would be best to add in one of two instances: Either a bounce back up to around the 6.60 area (slightly below yesterday’s & today’s highs) –OR– on a break below 6.30, which is the actual support level that horizontal line on my daily chart is positioned at. Keep in mind that I set the price targets for short trades slightly above support to help avoid missing a fill, should the buyers step in (or short-sellers cover) just before the actual support level is it.
As such, I set the first price target on HL at 6.32, a bit tighter to the actually support level than usual & so far, HL hit a low of 6.34 yesterday & 6.32 (first target now hit) just a few minutes ago. With a decent chance of a reaction (bounce) off this initial tag of the first price target, it would be prudent to either wait for a bounce to add to the HL short OR a solid break (by more than a penny or two) below the 6.30 support level.