BID seems breaking down from long term upward channel. This seems interesting short setup. We would consider a short if it breaks below $47.83 We would also consider $48 October Puts, currently $1.33
* Trade Criteria * Date First Found- August 11, 2017 Pattern/Why- Long term upward channel Entry Target Criteria- Break of $47.83 Exit Target Criteria- $37.33 Stop Loss Criteria- $50.87
Please check back for Trade updates. (Note: Trade update is little delayed here.)
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August 21st (Executive summary)- Looking good still. Retesting resistance. Discussed short term profit taking. If we break 44.73 this would signal the longer term target @ 37.33 August 17th- Another sharp decline today, making lower low. $48 October Puts traded as high as $3.90 from $1.33 entry price. Consider updating stoploss to $48.37 August 15th- Strong downward move on higher volume, looking very good as short. $48 October Puts went up from $1.33 to $2.85, that is 114% rise in 2 days. August 14th- Declined & hit entry criteria today. Now wait & see.