Sunday Prep 9/5 - $HOG Short Candidate from a Long time BackIf you remember a month or 2 back, this was shared as a short idea, and it’s really behaved nicely since. She struggles every time she pushes back up into the 20d and the 200d. I think now, if she breaks under 38.73, this could have quite a bit more downside.
This was the chart posted a long time ago that got our attention on this as a short candidate.
HOG trade ideas
HOG most likely accumualtion in phase d supply exists in the market still ..
caution should be exercised ,depending on where the price retraces back to
if the full upswing is retraced on this move, that would make it a potential upthrust
otherwise as of now, i note ease of upward thrust, a spring action off the lows preceding it and a lps formation which failed to retrace back to more than 50% of the spring ..
the current downmove could have been taken on less suspicion , if 50% retracement was there, but more than that has happened..
bottomline is, supply still exists in the market, and if the motive of the composite operator is a future markup, more trading range right hand side development is expected
also the price is below the 20dma presently
would like to see it acting as a support and mutiple tests of supply off it is expected, before any markup possibilities