Tp update a trade which I have been cataloguing on this blog, I decided to add back to my American Express short position. I had previously covered the stock for gains into its recent downdraft, and was left with a 1/4 sized position.
But now I am looking at another daily chart bear flag, this time right at that major $71.68 support level. A breach of it would confirm the double-top from earlier in the summer, and indicate that the damage for this major company is beyond a garden-variety pullback.
Specifically, I added back a piece of the short at $71.68, from my core $74.81 entry. I will look to add back further if I see that confirmation below major support on closing basis.
I have a 1/2 sized position now in the name with a cover-stop above $76.
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