PNFP Trade Idea Follow Up (short)

The last follow up on PNFP was Thursday, July 21st in which I said, ""Keep PNFP on your radar, it's getting close."

 Here's PNFP on a weekly 3C chart showing what looks to be an impressive amount of distribution into the top.

 Here's the daly view of the top itself, which already broke support once.

 The last update was at the white arrow, the next day PNFP just barely broke through resistance, on the same day if fell back below. The daly volume was lower which is not good for a breakout day.

 However the bar in which PNFP fell back below support had a huge surge in volume seen at the red arrows. This 15 min 3C chart has remained in a deteriorating position since.

 On a 10-min chart here's a look at the breakout with a negative divergence (false breakout) and the negative divergence on a subsequent attempt at resistance the next day.

Right now PNFP has found a little support and could bounce a bit, I would consider PNFP a short on any strength at this point. I would prefer an initial wider stop around $16.50. The first target area should be around support at $14.65 or so. After that, $12 looks like a decent target. WIth market cooperation, that level could easily be breached as well.