Final wave of a giant falling knife
Updated
Estée Lauder looks very bearish. It’s lost the $100 key psychological level. Now we appear to be in the final 5th wave. We could easily drop another 20% here. It wouldn’t be a bad place to start a dca plan if you like the name. Personally I’m not looking to catch the falling knife and will keep my short position from $140. I’ll close out of it if we manage to reclaim $100.
Downside target would be somewhere between $75-80. Not financial advice
Downside target would be somewhere between $75-80. Not financial advice
Trade closed: target reached
$73 hit, target reached. Short closed. I may consider a longer, using the DCA approach. This is an extremely poor performing stock so I would expect a very slow painful conclusion to this weakness.
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