I took a short position in Saks Holdings (SKS) at at $11.55 today as it is clearly looking to move lower in the short-term. On the daily you have a breach of some serious price support, coupled with a double top and a break of the 100-day moving average. On the weekly, SKS is breaking below the 20-week moving average, something it has consistently found support at in the past. On the 30-minute chart the stock is in a perpetual down trend for most of March. As a result we have a scenario, that should the market resume its downward ways of old, we’ll see a quick move to the lower $11’s and possibly even the $10’s.
Here’s the chart analysis on SKS.
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