PFPT - H&S formation short from $71.87 to $45.33

PFPT broken down from an upward channel, but cold not decline much. Went up, retested the upward trend line, started to roll down & now we have the sharp breakdown. On the weekly frame it is forming a H&S formation, and also a larger time Upward channel. Overall it is an interesting short & we are looking for some longer term short trade, as low as $45.33. We would also consider $70 Aug or May Puts

* Trade Criteria *
Date first found- March 24, 2017
Pattern/Why- Head & shoulder, Larger Upward channel
Entry Target Criteria- Break of $71.87
Exit Target Criteria- $57.33, 2nd - $45.33
Stop Loss Criteria- $78.87

Please check back for Trade updates. (Note: Trade update is little delayed here.)

Trade active:

March 27th - traded into our entry zone criteria but closed fairly strong. Still respecting its MA resistance. $70 May Puts traded for $3 & $70 August Puts last traded for $5.40.

Comment:

March 29th - Went up, Tested EMA lines but closed bearish. Still looking good as short.

Comment:

April 4th - Slowly climbing upward with the market, wait & see situation.

Comment:

April 10th - Nice downward move in positive market today, looking good as short.