PCLN has rebounded back up to a level where there is heavy supply and limited upside potential. 1161-1174 is an area where PCLN spent the most time on its way down from the 1320+ peak in August.
The CCI(11) has returned to +100 on three occasions recently and both OBV and my proprietary trend indicator RgMov are still pointing to a downtrend for PCLN.
Consider the risk here is low, on the order of 3%-6%, and the downside is 10%, it makes sense to me to consider a short sale. With a weak market this morning, be careful as the risk shifts sharply away from ideal with each 1% down in PCLN.
If short already, look for PCLN to hold and close under Wednesday's low 1143.05.
Tim 8:37AM EST 10/30/2014 Thursday
The CCI(11) has returned to +100 on three occasions recently and both OBV and my proprietary trend indicator RgMov are still pointing to a downtrend for PCLN.
Consider the risk here is low, on the order of 3%-6%, and the downside is 10%, it makes sense to me to consider a short sale. With a weak market this morning, be careful as the risk shifts sharply away from ideal with each 1% down in PCLN.
If short already, look for PCLN to hold and close under Wednesday's low 1143.05.
Tim 8:37AM EST 10/30/2014 Thursday
Subscribe to my indicator package KEY HIDDEN LEVELS $10/mo or $100/year and join me in the trading room KEY HIDDEN LEVELS here at TradingView.com
