HESS SHORT potential on trendline breakdownAs HES breaks its minor upward trendline , a short position is entered with a tight stop.
As this trade progresses, longs would will be forced to exit, creating a potential for a steep move down, at least to the trend start around $43
Factors leading to the decision:
Price was rejected trying to make a new high in November, creating a new major downtrend
Medium-term upward trendline broken, so now we look for downward continuation
Very heavy volume on the bar that broke the downtrend
The bad news is there's no recent retracement to tuck a stop above... so the stop on this trade is a big wider than I like, and it will be inside the trend around $62.50
As always, use a tight-stop and if it rips down, let it run and trail stops behind.
