2waytrading
Short

Bearish Continuation Wedge

NYSE:FBHS   FORTUNE BRANDS HOME & SECURITY INC
67 1 0
FBHS             started in the year with strong note that did not last long, and price gave up Jan high at $47.92 what seemed a bottom in place turned to be another tricky for short sellers and price failed to take a new higher high in March but failed short a few cents..history proved many times, HPT was in for those technicians who can spot the opportunity. From there, price reversed what become a sustained downtrend for the year. After printing YTD low in July, price bounced off from that low at $36.65 and we have seen a sharp rally with relative volume if now price fails to push a new highs for the year, and this continuation wedge is confirmed, expect a sharp fall back to July low and probably a new lower low which will give the price a new price tag that looks 52 week low. A Continuation Wedge ( Bearish ) represents a temporary interruption to a downtrend, taking the shape of two converging trend lines both slanted upward against the trend. During this time the bulls attempt to win over the bears, but in the end the bears triumph as the break below the lower trend-line signals a continuation of the prior downtrend. If you decide to take a short position, please, make your stop loss at recent swing high. Target price: $35-$37
great analaisis what pair
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