2nd BEST SHORT in the entire Market right Now. MCK SHORT @ $359

eganon69 Updated   
NYSE:MCK   McKesson Corporation
This trade I have been in for a while but thought I would post it here as its a similar setup to the SQM SHORT I posted last week. That SQM SHORT I labeled as "BEST SHORT Opportunity in the Market". Well this one is the 2nd Best in my opinion. Simply because it has been a little stronger stock and in a better sector (Healthcare) than SQM.

Having said that this stock is up HUGE and tagged MAJOR Resistance at $374 level. It also is very over bought and was making NEW ATH in the face of a falling market. As people scramble to protect their profits this one will crater to EMA 39 on Monthly Chart which lies at $243 level. Target Price for this is $244.93.

Entry was $359.06. Stop Loss = Confirmation CLOSE > $379.70. Target = $244.93. That is a 5.5:1 Reward:Risk ratio!!. As mentioned before this trade setup historically has a >85% Probability of working out EXACTLY as shown here.

Recently this trade broke down from a Rising Bearish Wedge and is now well into profit.
Trade active:
Trade now setting up a BEARISH Pennant formation on the Daily chart. I plan to ADD to this SHORT @ > $355.23.

Target Price still $244.93 before the end of the year is very likely!

Trade active:
Bear Flag near breakdown.

Trade active:
Been a while since I updated. I have added pretty heavily to this short position all the way up to $400 and now reaping rewards. Average Entry Price ~$376. Trade well into profit. Expect a drop to ~$296-$300 where 1st major support should lead to a bounce. May exit there and reenter if price retraces higher again. Still see terminal Target Price $244-$251 range.

Trade what you see.


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