Just need a pullback and this stock will TANK

28 ม.ค. 2014

We are seeing a double top pattern in formation. There still has to be confirmation for it to be complete. This stock might continue tanking but I would not take my chances. The double top pattern once confirmed is very accurate but without confirmation its pretty risky and the probabilities for failure are high. The stock price is under the 200 SMA for the first time in the past two years. I would expect the price to bounce back towards the pattern's neckline and then continue a downtrend. The 20 SMA and 50 SMA just made a death cross which indicates a bearish signal. My entry price would be at $32.20 just around the neckline's price. The stock loss is just under the previous tops of the double top pattern and the price target is at $27.85 which is around the 100% fib level. I expect this stock to make a small pullback due to the way all the markets have been reacting, these down days have not only appeared in this stock but in the general market as well.

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