INTRO
Here is my weekly chart of SPD (Sports Direct). With the FTSE100 entering a downtrend on it's weekly chart (a lower low followed by a lower high) I have been concentrating my stock screens to find FTSE100 stocks that are in decline. Last week I wanted to short GSK but missed it. This week the first stock to setup is SPD.
ANALYSIS
After making a lower low in August and a lower high in September I classified SPD in a downtrend. Now that it has rallied to a clear level of supply overwhelming demand (680) where unfilled sell orders will likely be sitting and coupled with the fact that the FTSE is in decline I am looking to short it off this level into the next levels of demand (625 and 575)
TRADE
Short Entry: at market (663)
Stop: 702
Profits : 625 and 575
Here is my weekly chart of SPD (Sports Direct). With the FTSE100 entering a downtrend on it's weekly chart (a lower low followed by a lower high) I have been concentrating my stock screens to find FTSE100 stocks that are in decline. Last week I wanted to short GSK but missed it. This week the first stock to setup is SPD.
ANALYSIS
After making a lower low in August and a lower high in September I classified SPD in a downtrend. Now that it has rallied to a clear level of supply overwhelming demand (680) where unfilled sell orders will likely be sitting and coupled with the fact that the FTSE is in decline I am looking to short it off this level into the next levels of demand (625 and 575)
TRADE
Short Entry: at market (663)
Stop: 702
Profits : 625 and 575
