For starters on my swing trades I screen fundamentally sound companies and then concentrate on price support and resistance as the primary technical indicators. After I find something of interest I will apply some other indicators to disprove a theory, or back it up. As a rule of thumb I always wait for a trade to come to me, and never go chasing after it without any exit strategy in place.
Looking at support levels I recognized that if I could get an entry at a secondary support level just above $9, I could then place my stop just below primary support ( 200 Day Moving Average ) and only risk 8% on the trade. Other indicator supported the trade as the stochastic signaled a oversold condition, and volume spiked relative to the prior few weeks trading sessions, meaning there might be some sort of short term capitulation in the share price. Lastly, the TSM dividend was approaching 5% and this would provide further downward residence as it has in the past.
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