@Tyrannyoflogic.  Stockcharts.com seems to be really good site for technical analysis which I figured I lack. I definately see I need to do some more homework in the areas that you mentioned.

@Obama. Your sceanrio perfectly make sense to me. In my case if had followed your method I would have definately walked out with profit. The idea of selling my position in chunks instead of all had crossed my mind but, I guess I became too greedy and got slaughtered. But it was good learning experience.

Thanks guys! Appreciate your input and sharing your thoughts.