- Consolidation in the form of a trading range at the bottom of a much bigger trading range which signifies a break downward.
- Approaching (or has approached) a major point of resistance in a much larger trend spanning 2 months that could push price lower.
- Recommendation: I believe a break downward will happen but the timing is difficult to say. I would recommend shorting at the current price of $44.20 with a take profit at the bottom of the trading range at $43 and a stop loss at $44.75. I would suggest exiting at around $43 if the possibility of a reversal occurs.
- Approaching (or has approached) a major point of resistance in a much larger trend spanning 2 months that could push price lower.
- Recommendation: I believe a break downward will happen but the timing is difficult to say. I would recommend shorting at the current price of $44.20 with a take profit at the bottom of the trading range at $43 and a stop loss at $44.75. I would suggest exiting at around $43 if the possibility of a reversal occurs.