Today during the pre-market hours $FCEL started moving up due to good earnings, I thought it was going to be a good opportunity if the trend held, oftentimes we see companies with good earnings and a really bad reaction of the market to just fade the whole day but that was not the case in $FCEL today.
$FCEL dipped under VWAP during the first 2 minutes right out of the gates, the image above shows a 1-minute time frame chart and how the price was behaving early today, I decided to wait because I have seen this happen too many times and after VWAP was reclaimed I took a trade at 6.23 as my entry point risking VWAP support hold for a continuation towards the upside.
I was ready for a few levels coming into play from the daily chart.
While many would look at that prior image where I was saying I already took 1/2 of my position out at 6.46 and might make the argument that I was being extremely conservative here or even call me a scalper I rather see it as getting paid for my effort and then letting the rest of my position give me the real winner since I was already sitting in the driver seat and I was already well compensated for the first part of that trade, the reason why I took 1/2 out at 6.46 is because 6.50 was a psychological resistance level and usually people look to sell around 1/2 and whole dollar areas.
Now that 6.50 was already broken I can let the rest of my position run towards the next spot I was looking for resistance, the whole dollar 7 spot.
Here you can see how that last 5 five-minute candle picked up a lot of volume, at the moment of this screenshot there were 5.5 million shares traded just in that 5 minute candle.
Here you can see how we got to the price I was looking for to exit the rest of my position, in 1/2 of my position I was able to capture a sizeable gain being that my entry was 6.23 and I rode it all the way towards the 7 dollar mark.
There were other good movers today like $MMAT and also $BLU that one particularly was kept in the watch list into today for a possible continuation trade and I can honestly say It was a fantastic mover today.