Bearish potential detected for CAR

Entry conditions:
(i) lower share price for along with swing of DMI indicator towards bearishness and RSI downwards, and
(ii) observing market reaction around the share price of $36.14 (open of 13th May).

Depending on risk tolerance, the stop loss for the trade would be:
(i) above the potential prior resistance of $38.68 from the open of 6th October, or
(ii) above the potential prior resistance of $39.75 from the open of 5th September, or
(iii) above the previous swing high of $41.55 from 25th August.

액티브 트레이드

UPDATE (week ending 17-Oct): Trade activated on Monday 13th October with the share price slipping beneath the area of interest at $36.14 and observation of appropriate market reaction. A re-test of the 150 day MA (and yearly anchored vWAP) from the underside on Thursday provides further confirmation, with the share price closing beneath declining 10 and 30 day MA's at the end of the trading week. Consider tightening protective stop to an area slightly above the support/resistance line established on 3rd March (i.e.: $37.38), which had been tested from the underside recently on 30th September.

노트

UPDATE (week ending 24-Oct): Lower highs and lower lows continue to form on the daily chart as the area of interest of $36.14 continues to be challenged to the downside throughout the week. Charts suggest maintaining the tightened protective stop as suggested last week at this stage, however it is interesting to note that the RSI has peeked its way through the average.

노트

UPDATE (week ending 31-Oct): Some quite volatile trading activity for CAR this week saw the price action test the support/resistance line noted in prior weeks' comments above ever so briefly before retreating back south in favour of the short position that has been suggested within this thread. For those traders wishing to remain in this trade, the charts would suggest to tighten up protective stops further to a point slightly above the recent gap (i.e.: slightly above the high of the candle of 30th October - $36.62) or above the declining 30 day moving average. Otherwise, scrape a nice decent profit now whilst it exists. Coverage ceased.

Ivory_Wolf

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Ivory_Wolf

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