Buy HLX on the pullback
I bought this on today's close. This stock is in nice uptrend and recently experienced a nice pullback to the 50% Fibonacci retracement level. It is also consolidating very nicely at this level. There was also a nice increase in volume today to support the move. I could have waited for a bullish conformation but all other factors are good so I entered early for a better risk reward ratio. There is also some previous significance at this price level as I have highlighted in yellow. HLX was also recently upgraded by Zacks.com to rank 1 strong buy. My Risk reward on this trade is 1 to 2 on first profit taker and 1 to 3 on second profit taker.
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