Pattern: Bump & Run Overall Interpretation: Bearish Resistance: Dark Blue & Green Support: Light Blue, Gold Trendline, & Orange (Gaps) Target: $152 - $154 Entry Signals: Price deflection off blue resistance; 5MA cross below 10MA; +DI deflection off ADX and cross below -DI
Watch for stalls at gaps (play gaps and support on stalls); price/volume, StochRSI, CMF all demonstrate lack of market support for price. Again, I'd suggest 10% OTM call hedge in the event of bad news. First gap at 172.50 - 173.50 will offer minimal initial support.
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