HESS SHORT potential on trendline breakdown
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:
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.
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.
İşlem kapandı: durdurma seviyesi:
Stopped out on a V reversal