eatlovetrade
Short

Continued Bearish Action in HOG

NYSE:HOG   HARLEY DAVIDSON INC
hog
33 2 0
hog
A NR7 pattern formed from 63.91 up to 66.33. Price action broke below the pattern today, which typically signifies a downside breakdown that is equal to the size of the pattern ($2.34 in range). Projecting downside to 61.85 within the next 7 sessions.
HOG is seeing major selling pressure from the $66 level. Today's candlestick is a bearish engulfing one. I would be building bearish positions in the Feb Puts on any strength in the shares. Earnings are reported at the end of the month and I'm expecting weak forward guidance given weakness in the Euro zone
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Given my bearish stance on the SPY as of today, I expect for HOG to also continue to drawdown. $56 is still very much in play sometime after the earnings release
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