If URBN opens above 40.67 , Gap N Go. If it opens below 38.67 consider a retest gap. To learn to trade this strategy for free,go to www.RealLifeTrading.com
2 months ago, i posted this downtrend channel for Urban Outfitters. My put options triggered when price hit 40.39 but 41.79 was not triggered. (Initial two possible targets if price continue southward marked by down arrow 1st: around 34.67 2nd: around 30.45 (if 1st fails to support) without factoring time factor.) Because the downtrend channel is a function of...
Pullback Status: watching Technicals: Horizontal S&R: yes Channel S&R: yes MA S&R: yes Pearson's R >= 85: yes Price within Fib Ret..62: yes Stochastic turn/crossover above 80%: AO pullback >0<1.38: Fundamentals: Next Earnings date: IBD EPS Rating: 41 bad IBD SMR Rating: A competitors: fl + rost Fundamentals not so good. but technicals great.
Urban Outfitters was rejected at price around 40 which coincide with the downtrend upper resistance channel and previous resistance in Oct 2014. Price might want to retest the resistance again.. Two possible targets if price continue southward marked by down arrow 1st: around 34.67 2nd: around 30.45 (if 1st fails to support)