andrew.berg
Short

BEN descending triangle, potential breakdown

NYSE:BEN   FRANKLIN RESOURCES INC
This asset managment company was in strong uptrend since September 2013             from $45 and topped at $58.86.

That trend was broken with steep downside move. Stock found support at $50-51 area from one side and resistance zone at $54-55.

BEN was underperformer with $SPY just 2% off the highs. It means that if bounce scenario will come into play this range may resolve to downside. Recently, it have built Descending triangle .

Selling area is $52ish then $54
Target $51 then $50 and then mid $40ish area.
Pulled back into my selling zone @ $54, watching to enter short here with tight stop above $54.50 and $55. Good risk/reward setup.
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