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
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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.
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March 29th - Went up, Tested EMA lines but closed bearish. Still looking good as short.
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April 4th - Slowly climbing upward with the market, wait & see situation.
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April 10th - Nice downward move in positive market today, looking good as short.