Dino
Short

Short Good Year on a break below 24

NASDAQ:GT   THE GOODYEAR TIRE & RUBBER COMPANY
GT
55 4 2
gt
- Auto and Tires are under-performing the S&P            
- GT             has formed a down trend
- Short on a break below 24 along with a bearish market condition (reversion to the down trend )
We executed the trade by buying a November 24 put for 1.45 in the week after the stock closed below 24 on the weekly chart. Today we hit our initial target of 22 and closed the put for 2.6. Net return 79.1%. Trade duration (2 weeks)
Reply
GT hasn't formed a downtrend. What we have there is a triple top, lateral movement. If price doesn't break 24, expect a rally at least until 28$. For now, this stock still looks slightly bullish for the longer term.
Reply
Dino vlad.adrian
It appears GT did form a double top. Can you please explain to me what a triple top lateral movement is? I would be interested in learning about it. Regards,
Reply
triple top is a double top plus one more top, if you look closely you will see that gt made 3 equal tops, not only two. Lateral movement is when a stock moves sideways, like GT had until it broke down the support you mentioned in your chart
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