Good Entry but take profits or sell calls if bounce off the bold trendline. Pizza and beer are two industries that will benefit from a downturn in the economy.
Currently in a short-term downtrend following hitting the 1.618 fib target. However the support level around 207 has been holding and there is also a upward sloping trendline that will soon provide additional support (or break and help push the price below 207. Entry at 210 for a short was decent although I don't see the rationale for that particular point of entry.
There is evidence based on trendline analysis that the price may be reaching one or more resistances. However, the price remains above both the 20 and 50 moving averages (day). Another factor is earnings coming up which based on past history can often lead to sharp moves up or down; but more often up. Option activity is favoring the call-side with large amounts of...
1) draw horizontal lines from the previous highs (lt blue)
2) draw lines from previous high to subsequent previous highs (green) = (DTL descending top line)
3) repeat for lows (yellow lines)
