GRUB (GrubHub Inc.) was posted as an unofficial short trade idea earlier today in the trading room following the breakdown below the uptrend line on the 60-minute chart below. The first 2 charts below, 60-min & daily, were posted earlier in the trading room.

Since the breakdown, the stock continued lower until noon & then started to mount a gradual rise in what appears to be a bear flag continuation pattern. As such, the next objective short entry or add-on to an existing position will come on an impulsive breakdown below the flag. While my initial targets* were listed as 69.82 & 65.19, I would also point out that the bear flag measured target projects to the bottom of the December 11th gap, a natural support level. Although the odds for a reaction off either the 69.80ish support level or the bottom of the Dec 11th gap around 68.35 are good, ultimately I favor a move down to the 65.20 level.

GRUB 60-min 2 Dec 21st

GRUB 60-min 2 Dec 21st

*As GRUB is an unofficial trade idea, suggested stops, position size adjustments & exact price target are not listed. These are the actual support levels in which a reaction is likely. In order to minimize the chances of missing a fill, should the stock reverse just shy of support, it is best to set your buy-to-cover limit order(s) slightly above the actual support level(s) which you are targeting.