Looking for a confirmed close below weekly support to indicate a return to the large range and potential to fill the gaps below. This thing has had a huge run up in the midst of a global bear market. Looks exhausted on my higher time frame momentum indicators.
Initiated a short over the past couple of weeks, and admittedly before confirmation of a break of weekly support at $34.75. Average price $37.11. First take profit is at the $27.00 level. I will consider $31.00 (Volume Profile POC) when we get there as a more aggressive take profit. If the rest of the market is tanking, I will be more patient.
This is one to hold for a long swing trade. If there is a weekly close above $34.75 weekly range high, that is your risk management signal to look for an exit.