As GNC breaks its major upward trendline , a short position is entered with a tight stop. As this trade progresses, longs would will be forced to exit, creating a potential for a steep move down
Factors leading to the decision:
Long-term upward trendline broken
Decent bullish volume showed up at the trendline break, noticeable to traders looking for a sign to confirm the recent downward pressure
A recent small retracement created a lower-high which is an ideal place to put a tight stop for the trade
The short-term trend is down, so this trade is considered to be with that trend
As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Comment
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Still hangin onto this trade... moved stop to 1.74