ATSG Short trade on break of upward trendline
Updated
ATSG recently broke its major upward trendline, creating a short trade possibility with a small risk and high reward.
Two targets are set for $10 and $6.50 as the big target, however like most trades it's better to let it run and trail a stop behind
Factors leading to the decision:
As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Two targets are set for $10 and $6.50 as the big target, however like most trades it's better to let it run and trail a stop behind
Factors leading to the decision:
- Price recently broke below the 1-year uptrend trendline
- Heavy volume as it broke the upward trendline
- After breaking down, price came up to re-test the trendline and was rejected
- After falling below the 20-ma, price tried to get above it again and was rejected
- The recent high fractal offer great places for tight technical stop
As always, use a tight-stop and if it rips down, let it run and trail stops behind.
Trade closed: stop reached
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