Last February, I started a swing position on IDN at .50 cents and sold at $1.23. From that point it went way into the overbought area going into an earnings lotto before it came tumbling back down. I do not consider the brief period over $1.20 to be a valid reason to raise the bottom of the channel. I instead believe that the downward momentum will continue to my buy target of .65 cents and possibly even lower if the bear market continues. In that event I will add to support levels as needed.
For more of my trading ideas follow me on twitter @dpyledriver
For more of my trading ideas follow me on twitter @dpyledriver