Potentially Bearish for PACCAR - DowntrendPACCAR might potentially enter downtrend where it break the support line 101.10 USD previously and formed head and shoulders pattern at the historical high price area.
Always a good opportunity if considering trading short position when just near break out line (refer to the history position of "break out" in the chart) .
Now the price is just near the downtrend break out price where today 100.60 USD (at this moment), this would be consider a good shorting position. If not shoring, at least to be extra careful if you holding PACCAR or do your appropriate trade position adjustment.
For trading strategy, can consider
Short on (buy downtrend) : 99.60 USD to 101.80 range while put your stop loss position if the price go above 104.70 USD with approximately 5.11% risk.
If looking on NASDAQ (refer to my published idea "SQQQ on Bullish Signal Uptrend - Recession is Coming") and S&P 500 (chart below), both index are indicating that high potentially the market are entering bearish market
SPX ETF that tracking on S&P 500
If the overall trend is on bearish, it is very high probability that PACCAR might be in downtrend as well.
Note that “Past performance does not guarantee future performance. This is for just my personal opinion but not trading advise.”
