We previously looked at this stock as a long. It never panned out. Given that the market is in a correction this stock, which has carved out a price top over the last few months, is a swing short candidate.
Yesterday price broke down from its formation on huge volume and closed at its lows. This is a sign of likely lower prices ahead.
This morning price is bouncing reflexively with the market on much lower volume.
We would enter a swing sort on this rally with a stop at $41.50.
Should the market correction intensify we believe price could have a rendezvous with its 200 MA.
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