Monday, June 17, 2013

Delcath systems (DCTH)

Hello Traders,

Delcath Systems, Inc. (DCTH) Trade.

What a day in the markets today. I only took one trade today which was DCTH on the breakout continuation. The morning volume was great, with follow threw to a High of Day at .62. I bought into the breakout in the am at .55 and wanted to hold this for a swing trade to fill the gap to .75. I was in the profit zone for the morning session but the selling continued as it may be assumed that bag holders were selling into strength. I was stopped out on this trade today not thinking it would break below the breakout point of .50 but it happens. At the least we know that scalping would have been the better strategy or selling the morning gap. I was right about the breakout with heavy volume so if you were quick you could have made a nice profit in the am.

One could argue that DCTH did make a higher high and a higher low today, still a bullish sign.

The action I did not like was that it broke that key .50 level and held below it with a close of .4906.
This play still can be intact just will wait to find out.

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