CHMA short entry on break of upward wedge

As CHMA breaks its upward wedge pattern, a short position is entered with a tight stop.

Factors leading to the decision:

• Huge rejection at the ATH, creating a new major down-trend
  
• Lower trendline of an upward wedge has been broken
  
• Heavier bearish volume showed up at prior dip, getting the attention of short sellers
  
• Price came back up and re-tested the trendline and was rejected. This creates a lower-high which is an ideal place to put a tight stop for the trade
  

As always, use a tight-stop and if it rips down, let it run and trail stops behind

Comment:

Still hangin onto this trade... moved stop to 4.57

Comment:

Target moved to 2.50