TA note....Action today very negative (surprise!,g)......
Gapped down out of a triangle, on very heavy volume, broke an uptrend line from last Aug, and broke below the 50d MA (not shown on my chart).....In the process, a small gap was filled at 36.99.
By the close, the stock had fallen to the edge of what would appear to be the next logical support area............33.50-37.00. The triangle break indicates a measured move to around 34.50 roughly.
It should also be noted that there is an unfilled gap below, at 32.95-34.87...and an extended decline might gravitate toward a fill.
Hopefully, some general market stabilization in the next few days could permit a move back to to the 39/41 area, backtesting the broken trendlines and this morning's gap.......providing what might be a good exit and/or hedging point....
Would add, finally, that given the great advance and momentum in this stock, it could be subject to relatively rapid and sharp moves.. in both directions.....and rapid changes in the technical position..........One that should be watched closely.....
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