Description
⋅ NOW is forming a rising wedge & upward channel formation. Both suggesting a decline & we think it can decline all the down to $65 area.
* Trade Criteria *
Date first found- March 2, 2017
Pattern/Why- Upward channel
Entry Target Criteria- current label
Exit Target Criteria- $65.33
Stop Loss Criteria- $90.23
Please check back for Trade updates. (Note: Trade update is little delayed here.)
Trade active
⋅ March 3rd - Considered a position at the market opening price, as we discussed to take it at current price. It had a slight rise through the day.
Comment
⋅ March 7th - Getting some resistance in MA50. It bounced up and tagged to EMA 5. Wait & see situation.
Comment
⋅ March 13th - It went up & closed above EMA lines. Not looking very good as short.
March 14th - Seems rolling over. Declined and traded below MA50.