10/10 Wednesday – Entered Bearish @ $40.49
(11:55am CT)
-Got triggered of my bearish positions just little bit of ago. Looking strong so far approaching Fib. Retracement level at around $40. I am not so much concerned about that level as much as the 50% level which is around $39.27. That level has been served as pretty solid support before so I will be keeping my eye on that.
-Despite of these huge moves we’ve had last two days, volume is very weak. I do think $GRMN is just following with the indexes so I am not sure if we are going to have enough fuel to push through the Fib. Retracement zone. I will be watching it carefully as it can bounce from any of those Fib. Retracement zone.
-Double top (strong reversal signal) is starting to confirm. Neckline is broken and the strong uptrend support line has been broken since yesterday. I always remember double top as “M” shape for “Murder”.
-Target = $35.00
-Wow. Why am I seeing these everywhere lately? This is a huge 2 months of worth, MASSIVE bearish divergence on all three oscillators. This is very very strong bearish reversal signal. If this thing plays out the way it suppose to, we will get to our target in no time.
-Here is the hang up. There always be something to spoil the party right? 100SMA possibly be the party pooper for me if it decides to lift this whole bearish movement up and toss it up.
-If you look at this daily chart, 100SMA has been served as pretty decent resistance about a month ago however that was the only time that $GRMN really respected it. If you look 5/16, $GRMN just completely disrespected 100 SMA and pushed right through it. So I wouldn’t put too much weight on it but make sure to keep an eye on it to see if we going to bounce there.
*Overall I think it’s great bearish set up. Bearish divergence really gives me confidence that this thing could get to the target soon.
10/18 Thursday
– Closed Out All Bearish Positions @ $39.02
(11:22am CT)
Wow what a grind it was just trading all around that 100SMA. Possibly more bearishness is in store for this stock but decided to take profit. Indicators are approaching oversold and probably some pull back is imminent.