HD Breaking Down Below Ascending Channel; Continues Downtrend
HD has been in a downtrend for the whole year, to date. Starting last month, price began to consolidate a bit in an ascending channel but now may fail to hold its support. Low RSI readings and MACD indications of a impending depreciation in price are also strong indicators of the channel's breakdown and a continuation of the downtrend. Two huge red candles in the past 3 days (a doji amidst them) go to show that there is enough bearish momentum to break and hold below support. This is a great opportunity to enter a short position; place stops at $321 and take profits at $297 (a level of strong support).
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