WPPGY longterm short IdeaWPPGY started topping out (Stage 3) about a year ago. While retesting support around 98 the consecutive rallies didn't have enough buying power to reach the previous one respectively. During the same time the 150d SMA started turning down. Beginning of october we saw a breakdown through the previous support level with two big volume days. After a rather big move, WPPGY pulled back a little more than 10% to its initial level. on rather low volume.
This earlier support has the potential to act as resistance now and an intermediate trend turning downward represents and ideal entry point to this trade. Yesterday might have been the start to this reversal as we saw a pretty big shooting star candle.
I suggest a stop-loss right above 107, this would be a loss of about 9%.
