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iAnneTrader
Dec 9, 2014 11:17 AM

DRQ gaps down on higher volume Short

Dril-Quip, Inc.NYSE

Description

If you like shorting stock in an overall bull market DRQ offers a good opportunity. It gapped down yesterday on higher volume giving a good signal to take a near-term sell.

This stock is already in a solid downtrend, trading below the 200dma. It recently formed a double top in a downtrend, broke recent support and retested it - and now it has gapped down on higher volume.

The 2010 pivot high and $70 zone will act as support to price, however, but this is around 400 points away right now which is plenty for a near-term trade.
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