LEG Looking good as short. Great breakdown below upward channel formed since October 27th. Moneyflow also broken down. We think it will decline further.
* Trade Criteria *
Date First Found- May 19, 2017
Pattern/Why- Upward channel breakdown short
Entry Target Criteria- Break of $49.87
Exit Target Criteria- $45.13
Stop Loss Criteria- $52.6
LEG has been trying to breakout of a multiyear consolidation since May 2014. On the weekly chart I have drawn on the 1998 and 2004 highs (to highlight this point) and the more recent consolidation zone which lasted just over 5 months.
Finally in October 2014 price made a big bullish move (on earnings and higher volume) but this was far too early to consider a buy...