Friday, December 31, 2010

URBN on the Move

This is a short sale trade I've been watching; it's already in a downtrend-see the small red arrows marking lower highs and lower lows. There's a zone of support at the bottom trendline, although it doesn't look especially strong. Once that support breaks, the down trend will have resumed from this short lateral consolidation. I think the trade can be taken here with a stop above the recent consolidation zone (above the top red trendline).

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