Description
⋅ Simply put, I see the bearish-reversal Head & Shoulders formation on Twitter.
Once confirmed with a strong breach below the $26.00 (the formation's neckline), I see two price targets south of the mentioned neckline:
- $17.40-$19.50 levels (Fibo extension near an old breakout gap)
- $6.00 (classical measure of a typical H&S formation)
Volumes has been dropping since the creation of the left shoulder, indicating less interest in market participants' appetite for the share.
The proper stop-loss for such short position should be above the right-shoulder's level (>37.23). Your risk-appetite, however, could be different.
*Always remember: this is an opinion, not a recommendation*
May the trend be with you