Signet Jewelers is a retailer of diamond jewellery. With the concerns of the recession, the cooling signs of the job market, layoffs in tech and the overall retail leadership cautiousness during the earnings. I think this is the right direction especially since it is following the larger market direction
US retail sales also post the first drop in 5 months as auto purchases plunge and inflation bites
Risk Mitigation
Have two S&R lines before my strike at 69.49 and 65.35. If price breaks 69.49 (7% from strike) will have to start closing this position
Imagine Yourself Taking The Other Side
It just feels dangerous to be bullish especially since we have seen days where all sectors are red