Short around $36.60. The intermediate term target would be around $32. Stop zone few points above $37 on volume. This trade would be low risk high reward if successful. Looks as if a lower high is forming around this level but I dont have that much conviction as the market held up again. If the stop triggers GM can retest highs even maybe $40?
Comments
DbSG
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Covered almost all of the short position. Going to leave a small size short on, incase it breaks down further
DbSG
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Covered 1/4td of the short position today that I opened around $36.70 avg.
DbSG
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widening stop to the high of the current range-flag/
DbSG
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Caution: Stock above all its moving averages, so it is a pretty strong stock. But if the market pulls back deeper, this should fall hard due to its beta