Good Short Idea!!
Updated
Hey guys,
I've been posting a lot of Bullish ideas recently, however due to the market instability, negative fundamentals, and recent failure to move past a key resistance point for the Indices, I've decided to post a short idea I know I could very possibly use myself if the market proves to be bearish.
This stock, INCY, is ridiculously horrible. It's truthfully an $8 stock disguised as $80. It's hard terrible luck in it's past and now is far from any different. Even excluding negative EV/EBITDA and terrible EPS numbers, this is still a fantastic technical setup.
Stock has super bearish 30-minute and Daily charts, 5 Day MA seems to be moving down and it's formed a nice downward channel.
Profit targets are around $80 (Super conservative), $76.5(Moderate), and $70 (Aggressive). Depends on time-frame of stock, shouldn't take that long of a move, maybe 2 weeks at most. Another profit target would be when the daily RSI hits around 25-28, seems to be a support point.
Just figured I'd post this. Remember never to short a stock in a positive, up-trending market, and never go long a stock in a negative, down-trending market. Why take the risk of going against the market when it pays off more to follow the market and increase your risk due to the certainty of the market trend?
Leave questions down below.
I've been posting a lot of Bullish ideas recently, however due to the market instability, negative fundamentals, and recent failure to move past a key resistance point for the Indices, I've decided to post a short idea I know I could very possibly use myself if the market proves to be bearish.
This stock, INCY, is ridiculously horrible. It's truthfully an $8 stock disguised as $80. It's hard terrible luck in it's past and now is far from any different. Even excluding negative EV/EBITDA and terrible EPS numbers, this is still a fantastic technical setup.
Stock has super bearish 30-minute and Daily charts, 5 Day MA seems to be moving down and it's formed a nice downward channel.
Profit targets are around $80 (Super conservative), $76.5(Moderate), and $70 (Aggressive). Depends on time-frame of stock, shouldn't take that long of a move, maybe 2 weeks at most. Another profit target would be when the daily RSI hits around 25-28, seems to be a support point.
Just figured I'd post this. Remember never to short a stock in a positive, up-trending market, and never go long a stock in a negative, down-trending market. Why take the risk of going against the market when it pays off more to follow the market and increase your risk due to the certainty of the market trend?
Leave questions down below.
Note
*Just so you know, the resistance line on my channel didn't post correctly, so keep that in mind when using the charts I postedNote
Remember, don't go against the market trend, this was only posted for IF the market turned bearish. We have to wait and see how Monday goes, but I'm definitely leaning on the Long side for right now.
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