Breakdown on the horizon for ALV
Stock: Autoliv (ALV)
Long or Short: Short
Entry: 65.29
Stop-Loss: $66.49
Chart: Autoliv (ALV) Daily
Reason for Trade: Another stock that has been in the watch list for a while now and one that I have only hoped would provide me with the opportunity to get short in. That day finally arrived, and I got short at $65.29. It is currently breaking below a very well-defined support level and should move lower in the days ahead. It does have earnings coming out on 1/30, so be aware of that, and don’t gample and take the risk of holding through it.
I’m also using a fairly tight stop-loss on this position because if the market continues to go up, I’ll want to get out. This stock should work as a great hede against my other two long positions as I am growing increasingly pessimistic that this market can hold it together much longer.
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