AXTA seems breaking down forming a downward head & shoulder pattern. It has massive insider selling.
Breaking below 25.87 will be continuation of head & shoulder. & the formation can take it down to 24 area.
On the option side we are looking for $26 January Puts $1.26
You can check our detailed analysis on AXTA in the trading room/ Executive summary link...
AXTA in our watch list for short. Huge insider selling & overall technical weakness makes it perfect for short.
We think it can decline as low as 21 & break of 28 will be good entry point. However we like to watch it few more days before we get in.
"You can check our detailed analysis on AXTA in the trading room/ Executive summery link...