Google Double Top
Don’t tell me you didn’t see that. That’s right - a nice, well formed double top at $513 with a reversal bar to the downside.
Will the bears come out of hibernation? I mentioned that I didn’t like the run up - and in particular that gap up on “news". Is there enough mojo to push this stock through the $513 level with conviction?
It is not much of a surprise that the stock sold off after pegging the previous all time high. The next few days price action should be telling. Large range days with the close less than the open bodes well for the bears while non-committal, lazy range trading days would likely see higher prices in the not too distant future. My preference for a trade setup is to wait for a inside bar and / or a narrow range bar then go with the breakout above or below the previous bar. I’ll make sure to comment when such a day appears.
