This ticker has been on our radar for a week or so and we noticed (read it here) that if it didn’t confirm the bullish crossover it would see some heavy downward pressure. That is exactly what played out.

After that drop it is looking for support and may be finding it. Once again there is a key level that will make or break the move. Take a look at this chart:

Recovering and moving back up to the 570 range would be a tough sell. The more likely move is to drop farther and retest past lows around 520. The Sept 18 520 puts are a good range out of the money right now and are at a premium of about 10. A little rich for my taste on a trade I would put into the higher risk category. But it is there if it is something that fits your model.

We’ll continue to keep an eye on this and see how it does.

Keep learning and trade wisely,

John Boyer

Editor

Market Wealth Daily

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