In my mid-day broadcast with traders in the SharePlanner Pro Trading Platform, Judith_G brought up Urban Outfitters and after looking at it, I couldn't help myself, so I went ahead and shorted this stock as a swing-trade.
What I really like about this trade setup is that it is breaking below key support at the 36.48 (the closer that you can get in at that level the better). Below that level, you have nothing. Absolutely nothing but space in the form of a gap that is unfilled.
Also going for it is the fact that it has a lower-high already in place, and with the break in support, it is now pushing a lower-low on the price patterns, and confirms a downtrend as well.
SHORT: Urban Outfitters (URBN)
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Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>