HESS SHORT potential on trendline breakdown

30 Oca 2020

As HES breaks its minor upward trendline , a short position is entered with a tight stop.
As this trade progresses, longs would will be forced to exit, creating a potential for a steep move down, at least to the trend start around $43

Factors leading to the decision:

• Price was rejected trying to make a new high in November, creating a new major downtrend
  
• Medium-term upward trendline broken, so now we look for downward continuation
  
• Very heavy volume on the bar that broke the downtrend
  

The bad news is there's no recent retracement to tuck a stop above... so the stop on this trade is a big wider than I like, and it will be inside the trend around $62.50
As always, use a tight-stop and if it rips down, let it run and trail stops behind.

19 Şub 2020

İşlem kapandı: durdurma seviyesi

Stopped out on a V reversal