Short
HBP Short on moving average break and technical resistance
Short HBP at 5.95 after a break of its 50 day moving average to the downside (was previous bull trend support). After a strong bull run for the first half of '16 HBP met heavy resistance on big volumes in the ~6.50 region. After a triple top formed at the end of August it finally showed downside promise closing below its 50-day moving average without a follow through rebound for the first time since February. I look for a price target of $4.50 a share with a stop just above recent highs at $6.70. If you follow my 10000 USD base account recommendations I advise taking a 300 share short position.
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