No, it’s not Hervé Villechaize [Tattoo] from Fantasy Island screaming a trade. Rather it’s a short play that could turn into a double top and run much lower or bounce off support and turn back up in Cessna manuacturer TXT.
I will be shorting this conglomerate tomorrow with a target of $17.60ish and stop near $21.20. Yes, I wish I had caught it yesterday but if it pops higher, I will short more shares up to $21.00 If it breaks lower support on higher volume, I will add to my short position as we could then see a potential double top short with new target of $14.
Conversley, if the market decides to turn back higher, TXT will bounce off support and trend back up to $21 so obviously I go long when it does. It’s a win/win in my book 🙂