IMPV - Uptrend breakdown short from $40.73 to $26.33
Updated
IMPV is breaking out of an upward channel, It has big insider selling & its Price/Free Cash Flow Ratio is really high(239.95). We think it will decline from here, however break of $39.19 would be the big fall confirmation that would validate the H&S formation its forming on longer term.
* Trade Criteria *
Date first found- March 20, 2017
Pattern/Why- Upward channel breakdown, long term H&S formation
Entry Target Criteria- Break of $40.73
Exit Target Criteria- $26.33
Stop Loss Criteria- $43.07
Option - Would consider June $42.50 puts currently 3.91.
Please check back for Trade updates. (Note: Trade update is little delayed here.)
* Trade Criteria *
Date first found- March 20, 2017
Pattern/Why- Upward channel breakdown, long term H&S formation
Entry Target Criteria- Break of $40.73
Exit Target Criteria- $26.33
Stop Loss Criteria- $43.07
Option - Would consider June $42.50 puts currently 3.91.
Please check back for Trade updates. (Note: Trade update is little delayed here.)
Note
March 21st -Hit entry price today & declined further. Very sharp declining candle & closed at the bottom of the range.March 27th- held below its 20 day SMA and Twiggs Money Flow has held below 0%. Not looking great but keeping on list for now.
March 30th - Nice downward move in strong market condition. Looking very good as short.
Note
April 6th- holding below resistance and our stop loss criteria, keeping on list for now
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