MESA continued - a few sell targets and basic chart analysis

This is what I see when I look at MESA

For the sell targets, I used the intermediate high of .28-.30 because the chart is still bearish. If the chart continues to trade in this manner, I would expect the pops to be bearish so I am conservative in my targets by using the lower of the two highs. MESA has ongoing news so you can't exactly chart future events. If you own MESA at .10-.11, a strategy of selling and holding on to gains would be to sell 2/3 or half, but even I have problems selling pieces of a position.

Everybody has their own methods of target projection.. Some might sell the gap at .20. I would sell the 50% retracement at .20. In the end, we all look at the same chart so whatever you call it is fine.

MESA WEEKLY

It's always good to take a counter position to a trading idea. It keeps bias out of the trade.

The MESA weekly says this could be trading in this range for a very long time. It's also very bearish so pops should be sold. A lot of people look at RSI as an "overbought/oversold" indicator. I use it as a measure of strength only, and the weekly still says this could have some downside before it's all over. I like my weekly charts solid, sideways, with a weekly RSI over 50. Notice what MESA did the last time the RSI was trading at a high level - it ran from .14 to over .36. RSI sitting at lower levels (under 40) will sometimes stay in the bearish trend and continue lower (the opposite of what they do over 50-60). Once again. any pop should be sold. I would PREFER to play MESA at a double bottom at .04 which is what I'll probably do