This is a stock that I have managed to consistently short with success over the past few years, and right now it is trading in a very defined trading range which makes this an even more intriguing setup for me. So at the close yesterday, I jumped on this stock at $34.79, just as it rose up to the upper line of the downward channel and managed to test that price level without actually breaking it. I’d like to see this stock drop to about $30 before taking profits – while all along tightening the stop-loss as the position increases in profits.
Here’s my chart analysis on URBN.
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