(Two gaps making those 4 candles to be floating island)
So obviously $99 is gonna be major support. It acted as support on Dec. 2011 and late June 2012. So that’s where we are going to get to. That support line.
Currently we found short-term support from that gap from 6/28 high.
And because of that, this trade is more safe.
We are going to put our trigger just below that support. My trigger is little bit tighter so if you want to trade with more safety, put that bearish trigger further down.
Volume has been ok but it would help this trade out so much more, if we can get some spikes of bearish volume this week.
RSI has rolled over and STOCH is at overbought territory and William %R definitely has lot of room to go bearish.
This setup is alot like that $SHLD set up, about $4 move and again I like these kind of short trades because of the choppiness of the market as of late.