By Jeff Pierce
If support breaks watch out as this is going to crater. I selected 3 stocks in this sector to illustrate how weak it is and each one is in a different timeframe. Reason being is they all just about look the same on the daily, so when you see a daily, weekly, and 60 minute, you can see just how weak it is.
$33.50 is a top or 60 on the RSI. Whichever comes first.
Horrid daily chart. A watershed decline like that doesn’t suddenly conclude with massive buying. Look for a bounce and short it. In fact, a bounce doesn’t even have to happen. I’m bearish/neutral on this sector. It’s either going up and then down in a big way…or just down.
Weekly head and shoulders in play.