iAnneTrader

DDD down but yet to clear 2013 support

Short
NYSE:DDD   3D Systems Corporation
DDD is a stock I looked at shorting on 13th November. At the time I wanted to see the weekly chart close below the 200ma and for price to clear the $28-$30 zone.

The weekly did end below the 200ma but the following two weeks saw price retrace. However, the overall trend remained bearish and a small head and shoulders pattern formed on the daily chart - giving confidence that the downward move would continue. Price broke cleanly through the November low (on 8th December) and a linear trend has developed.

However, we still haven't seen the 2013 pivot low of $27.88 being taken out. If this breakout occurs there is no further strong support until the $20 zone.