IPGP Follow Up

IPGP was a short idea to keep on the watchlist from 3/22, since I don't like shorting H&S tops on the first break down, we were just watching to see if IPGP would offer a tactical entry. Yesterday I updated IPGP on some price strength with underlying weakness. 

In that update I said, 


"I'm not convinced of jumping in with both feet here, but it is closer to the stop level, I'd like to see a little more of how IPGP performs once we move past the volatile a.m. trade, however it is worth noting and keeping a close eye on in this area. It may provide an opportunity to nibble at a position."


Well, IPGP is in the same area offering an entry with less risk and still good probabilities, I think it is worth looking at here.

 Here's yesterday's bearish candle with a long upper wick, basically my thoughts were if IPGP can hang in the area with 3C showing negative underlying trade, it may be worth a shot here as the risk profile of the trade would be pretty low.

The triangle from yesterday and a move below it, but I rarely trust the first move out of a triangle.

 The daily Trend Channel stop is around $55.50, which is a little to even numbered for me, so lets assume the 2 day channel @ $56.75, a move toward $56.75 might be worth shorting in to as you can place a stop just above that area.

The 30 min went negative on the right shoulder and the move up from there has been in to a negative divergence.

Here's the 15 min chart that got yesterday's move started , note there's a small leading divergence right now suggesting IPGP moves up a bit from here, if it can move close to the Trend Channel stop at $56.75, but close below it, it may be worth a shot, otherwise we can just wait a little bit to see if it offers another set up. The daily Trend Channel stops are on the close, not intraday.