I’d image that most who took the NIHD long trade have either booked profits or stopped out but just in case anyone is still long the stock or interested in taking a position, here’s the updated daily chart along with my thoughts. First off, on the last update back on May 15th, I highly suggested booking full profits or at the very least, raising stops to protect gains, as the trade was up 21% in less than 2 weeks.
With that being said, the stock is currently backtesting the downtrend line and although I’m personally not interested in re-entering the trade, it could offer an objective entry here with a relatively tight stop under today’s lows. That stop level would also be appropriate for anyone still in the trade from higher levels. Foir categorical purposes, I will be removing NIHD from the Active Trades category since the last suggestion was to raise stops and the stock has fallen sharply since, thereby triggering any logical stop. Although one could take a shot at a long entry here, I am not adding this back as an official long setup due to the unfavorable market conditions. Updated daily chart shown.