NYSE:DKS   Dick's Sporting Goods Inc

"Long" Dicks are for chicks.

Daily Chart Analysis

Prior to Covid, DKS had lost its Uptrend and had been moving sideways since 2014.
In 2017, the sideways range broke down signaling the start of a downtrend.
At this point Price pulled back to previous support looking to turning it into resistance. Then covid happened. Price was blasted down all the way to 14.
Our government proceeded then to print a bunch of fake money which reversed the downtrend and sent this stock in an uptrend from 14 to 131 dollars!

After reaching all-time highs, price fell back down, and then we saw the dead cat bounce.
Price has reached all-time highs again but has formed a Double Top patten and the neckline was just broken to confirm the reversal pattern.

So, what do we have here?
A stock that was in the start of downtrend up until the whole circus of Covid came into town.
The entire move was fabricated by all the money printed by the government. As you’ve seen with many of the other stocks, they all have given back the Covid gains and then some. It will be no different with DKS.

Entering trade short.

Entry: 131.42
Stoploss: 155.14 (-18.05%)
Target #1: 64.54 (+50.89%), 2.82 RR ratio
Target #2: 14.33 (+89.10%), 4.94 RR ratio


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