This daily chart of PNW is showing three separate reasons to get short:
1. Price recently broke through long-term trendline support
2. It looks to be carving out a Head & Shoulders pattern
3. The sell-off from the high was impulsive, followed by a sideways correction
Initiating a short position at 82.50 and looking for the stock to roll over. Immediate profit target is at 73.50, with an extension below 70. A move above 90 invalidates the setup.
1. Price recently broke through long-term trendline support
2. It looks to be carving out a Head & Shoulders pattern
3. The sell-off from the high was impulsive, followed by a sideways correction
Initiating a short position at 82.50 and looking for the stock to roll over. Immediate profit target is at 73.50, with an extension below 70. A move above 90 invalidates the setup.