REG was running within a long upward channel, followed by a Downward channel. Now seems braking down from a upward channel. The upward channel brake came with a huge surge in volume, Moneyflow also declined very sharp. We think it has good downward potential.
* Trade Criteria * Date first found- March 2, 2017 Pattern/Why- Upward channel breakdown Entry Target Criteria- From current price Exit Target Criteria- 1st target $61.13, 2nd Target $58.13 Stop Loss Criteria- $72.13
Please check back for Trade updates. (Note: Trade update is little delayed here.)
Trade active
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March 3rd - Considered a position at the market opening price, as we discussed to take it at current price. It had a nice decline, looking very good as short.
March 7th - Down trend continued with another 1.3% decline today. Very good trade so far. Updating stoploss to $69.51
March 8th - Gapped down & made a lower low, that was the lowest since December 2015. Looking very good as short. Updating our stop loss criteria to $66.83
Comment
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March 10th - Declined further today, and traded very close to our first target, very good trade so far.
Trade closed manually
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March 14th - Going up on weakening volume , possible partial profit take here.