I am testing out a short in PCLN here, noted in 12631 just now, at $1,091.21 with a loose mental stop over $1,200. This is a 1/2-sized, starter position and I will only add to it if the trade works in my favor.
As I noted earlier this week, the stock is threatening a multi-year topping pattern after having been weak for several months now.
The latest bounce into earnings appears to amply have set up the next leg down, seen on the weekly chart, below.
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I like it, Chess. Look out below if it breaks October lows.
Thanks, agree.
Was that stop correct at “over 1200” or did you mean 1100? Thx.
Loose one over $1200–mental stop for now.