A few weeks ago Rockwell Automation
(NYSE:ROK) came out with earnings
and the stock got rocked. It had a single day decline of over 5% and shareholders of this name were none to pleased. The share price of the industrial automation company continued to fall for another couple of days before finding a low at $109.80. Since that low was put in, Rockwell Automation
(NYSE:ROK) stock has slowly clawed its way back and has nearly gained back everything it lost on earnings
day. This is where I see a potential for a great short trade to profit from. If this stock continues to rise, the level I have isolated as an entry point to short is $120.50. That is roughly the area where the breakdown occurred and also the 50MA is sloping down and will act as good resistance. If this trade does trigger, investors could see Rockwell Automation
(NYSE:ROK) stock fall down to $115.50 rather quickly.
Come trade with us as we provide calls like these from the past month and more. Get our live trades exactly when we enter and exit the markets for profit... step inside the Elite Round Table now and don't look back!
Elite Round Table
Follow me on twitter: @ParmMannTrader
Join the Elite Round Table on Facebook