Timonrosso

DKS showing downside to come to $103.03 with a warning

Short
NYSE:DKS   Dick's Sporting Goods Inc
Rising Wedge (Bearish) has formed on Dicks Sporting Goods.
We have the price yet to break below the Wedge, which then the price will come down to the 1st target - $103.03
CONCERNS:
The 7>21 (Bullish).
RSI >50 (Bullish)
Price is above 200MA...

This is what I call a LOW probability trade because we have mixed signals of buying and selling. However, the chart pattern is potentially predicting a change to the downside. So my bias is bearish despite the positive lagging bullish indicators.

General info:
DKS is one of the largest sports retail company listed on the NYSE that specializes in selling sports equipment, clothing, and accessories.
It was founded in 1948 by Richard "Dick" Stack in Binghamton, New York and has over 600 stores in the US.

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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