Ezra has been going up for more than two months without a meaningful retracement.
Last week Tuesday there was a long white candle with heavy volume.
Wednesday was a candle with a short body also with heavy volume.
Despite the heavy volume, the bulls were not able to push the price much higher and instead had a long upper shadow.
Thursday was another candle with a long upper shadow.
Friday was a doji with lighter volume, indicating a decrease in buying interest to test the high.
Market is now overbought and the downside risk is greater than the upside potential.
20 Feb: Opened SHORT at $1.32 to make a lottery play for a retracement that is long overdue.
Cut loss if Ezra makes new high, target to cover short at $1.14 (61.8% Fibonacci).
Add on to short position if close below $1.27.
Outcome:
20 Feb: Opened SHORT at $1.320
24 Feb: Added on to existing SHORT at $1.255
29 Feb: Closed at $1.260
Reason for closing: Two-bar Inside Day reversal pattern seen.
Profit $0.0275, 2.1%
