Short
SELL LNKD for $165 and More.
As obviously noted before the market is due for a correction. The Dow Jones and the correlated USDJPY are evidence of that. LNKD is in a great spot to sell with a major head and shoulders in play, a completed shark pattern, MACD crossover, and break of the recent trendline. As far as fundamentals go LNKD has been losing money all year with a market cap of $25 billion. Everything lines up for a sell targeting $165/$135. I would look to sell around $220 with a stop loss at $232. That is a minimum of 6:1 on this trade.
Trade closed: target reached
LNKD sold off 40% overnight and into today. Both of my targets were hit and we're now sitting around $110. The $110 - $120 area is huge support and also comes in around the 1.618 area of the last leg. This would be a great time to exit the position. Further, downside is possible, but after sucha strong sell off into key areas I think it would be wise to abandon ship. As far as buying LNKD I think it's not a wise move just because the market is going to get bad and I wouldn't want to be holding a company like this even though technically it could be a decent trade.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.