With summer winding down, Six Flag Entertainment’s weekly chart is sporting a steep break in trend.
Barring a close back above $38, I am looking at bounces as shorting opportunities. The stock has been under apparent distribution, and with housing and some retail/consumer stocks getting hit of late, I would expect this one to remain weak into the fall months.
On the one hand, I suppose they could always be bought out. But, on the other, they have those horrific accidents periodically. The exogenous event factor is a push.
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