FCH (Felcor Lodging Trust Inc) will be added as an Active Short Trade here on the break below this daily rising wedge pattern. Although I typically avoid late day Friday entries, I did take a starter position on the breakdown here. More conservative traders might wait to see some downside follow-thru on FCH next week.
Adding to the longer-term bearish case for this trade, FCH has recently made an over-extended run into key multi-year resistance as shown on the weekly chart below. As I wanted to get this trade idea out asap, I haven’t had time to clean these charts up yet but I do plan to follow-up with a link to a live daily chart which will also list a firm price target (or targets). As of now, I have the target zone that runs from around 7.30 – 7.50 as my sole profit target but again, that may be slightly revised if this trade begins to get some traction.
FCH daily April 11th
FCH weekly April 11th