ericsolan
Short

ERIE short play on trendline break

NASDAQ:ERIE   ERIE INDEMNITY CO
ERIE broke its recent upward trendline today, creating a short trade possibility with a small risk and high reward.

Factors leading to the decision:
Major trend is down
Minor uptrend looks like it was a relief rally, and price broke below it in the past 3 days
20-ma was recently lost, pulling moving average traders off the sidelines
The recent high fractal pattern is also at the 20-ma and offers a perfect technical spot for a tight stop

As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Trade closed: stop reached: This trade has been stopped out

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