PETM resolved wedge
This retailer broke down t-line that was intact since April 2013 with powerfull gap with pivot resistance at $70.51. It signaled about change of sentiment. THere was nice bounce play from that resistance on 4th of April and from there formed intermidiate downtrend form one side and higher lows from another (indecision, wedge).
Overall market is sitting on resistance, so it could be a good hedge play if you hold portfolio of long positions.
Today it resolved to the downside with powerful move. Moving averages are curling down and i expect previous support should act like resistance ($66.30-$67.00). Above there you can hide your STOP order.
TARGET is $63.63 then lows at $62.12.
This is reasonable position from risk/reward point of view and with high probability.
Overall market is sitting on resistance, so it could be a good hedge play if you hold portfolio of long positions.
Today it resolved to the downside with powerful move. Moving averages are curling down and i expect previous support should act like resistance ($66.30-$67.00). Above there you can hide your STOP order.
TARGET is $63.63 then lows at $62.12.
This is reasonable position from risk/reward point of view and with high probability.
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