SPR Head and Shoulders - At Channel Support
SPR today hit the bottom of its recent price channel with a nasty bearish candle. It has formed a nearly flawless head and shoulders pattern, and the question now is whether it holds at current support and heads back up or falls down to the necklines of the pattern. If it closes under the channel support, I would consider this a short opportunity down to the neckline of the H&S pattern (somewhere around $36.50 - $37.50), which could yield about 7/share of profit. This is a short idea, but really it could also be a long idea if it clearly moves up from support and confirms a new uptrend.
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