After a distribution trading range (TR) Peregrine Holdings was marked down. A re-distribution range formed and there was some effort to push the stock higher but without response indicating continued supply. The demand has dried up and the stock is being pushed lower after a retest.
Comment:
Peregrine was unable to rally back into the TR. When the market turns down this could be a good candidate to go short.
Comment:
Waiting for another step lower
