A Breakout from the H&S Pattern Confirms a Bearish TrendThe price of City Office REIT, Inc. (CIO) has broken the neckline of its head and shoulder pattern. Therefore, this confirms the beginning of a bearish trend and our plan is to enter sell positions from a pullback.
Our sell setup is very simple: Sell limit orders are placed in the neckline area of $16.10. SL is set right above the third shoulder of the H&S pattern. The first target is set in the previous gap area of $13. We do believe that there is a very high possibilility that last year's gap will be filled.
CIO trade ideas
Watch this StockThere is an expected rise due to happen with the next days opening market. If not there will however be a constant increase in the prices. This is a safe sign to buy early before the sudden spike. If you are an experienced trader and have any queries or tips that support my idea please contact me at mackcummings@me.com and then we can discuss future money oportunities in the day trade realm.