The DOW made a nice turn around today, bouncing off of support near 11,000; however, I am skeptical how many times this floor will hold. Hence, I feel like it’s time to start looking at short picks. Here is my first:
Symbol: SNHY (Sun Hydraulics)
Trade Details:
Market Forecast
- Overall market is in a down trend
- I expect 11,000 to be tested again, and broken in the near term
Security:
1. The uptrend line starting in February was broken, tested, and confirmed
2. The Fibonacci 50% retracement level didn’t hold up at all
3. This week has seen the 50 and 200 day EMA broken
4. There is a significant divergence between the MACD and price.
5. 1-2-3 bearish trend reversal indicated on the Aroon, PPO, and Williams %r
Intermediate target is 27.02 which is a 9% move,
Long term target is 23.96 (3% above the 78.6% retracement level.
Stop is 3% above 200 day EMA – 32.84
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Tags: pick, short, stock, symbol, tip
