PCLN

 Important PCLN levels. We already saw the break below the lower trendline which would also be the area in which the move above it in PCLN would be considered a failed breakout. It has already created a decent size bull trap with over 2 weeks of longs taken out on stops when price briefly closed below the support level. At the time I mentioned that we'd likely see a bounce off that level which we have, it was held up at gap resistance which is some of the strongest resistance you'll find. PCLN is a special case because of its "market darling" status. A failure of this breakout area will likely lead to margin calls and a quick drop.

Just this morning on the open we saw a move above the gap resistance level that failed quickly and sent PCLN lower. This was not a random move and PCLN gave up 6 points in an hour.

However, the lower support line is where the real action will be found once it is decisively broken.