"unfortunately"? When trading trending, channeling, or reversal stocks, I like to find companies that are financially strong or are not in the midst of bad news. This being the case, the odds of a certain support level being correct of much more likely.
If JimBobsOnlineStore.com (ficticious company) that has no profit and is trading at 30 times revenue, falls 20%, does that make it a good reversal buy? Certainly not. But if Citigroup falls 20%, you can bet there is going to be some sort of rebound, and probably back to previous levels (unless the entire market is heading in a massive downturn, like it was in April of 2000, but that's unlikely it would happen in today's market.)
That's why I wouldn't touch stocks like HAUP. The risk/reward is just not in a trader's favor.
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