LEN Update

 Here was the set up for 3 different entries (short) LEN, the first was the bullish ascending triangle, which I was looking for a false breakout from to short, you'll see 3C called the breakout as being a head fake, that was entry 1, Entry 2 was a move below the triangle and entry 3 was a move back into the trading channel, but  warned , " The 3rd entry point for more conservative traders is on a break back into the channel. Likely we'll see some support at that channel, but it shouldn't last too long."

 Here's the 15 min 3C chart calling out the false breakout from the bullish ascending triangle, in the red box, price dipped just below the trendline, triggering stops and allowing the locals to pick up shares on the cheap, this was the bounce I was referring to n the last update.

 Here's the 10 min chart showing the accumulation below the trendline for yesterday's bounce and some distribution into yesterday's highs.

 The 5 min chart with bounce accumulation, this chart remains in line with price action.

 The 1 min chart showed excellent confirmation of yesterday's move up until the last hour when distribution set in.

As I mentioned n the last update, the 50 bar sma on a 60 min chart seems to work well for LEN. If you are looking to go short, a move below that would be my choice or the third option which s higher probability, a move back into the trading channel around $17.15 or so.


All in all it was an impressive bounce yesterday, but did nothing to alter the technical state LEN is in, which s bearish. As I mentioned, for me personally, even though I suspected a bounce at the channel, I would continue to hold the position. I still feel the same way.