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ALK Likely To Break Key Support, Poised for a 17% Drop

Member @sportofkings had asked for an update on ALK (Alaska Air Group) which was a short trade that hit T2 for a 17% profit before immediately reversing & exceeding the suggested stop. While ALK is no longer an Active Short Trade, sportofkings still has long-term puts which I think have a very good shot of paying off handsomely.


Now that I revisit the chart, I am considering adding ALK back as an official short trade idea but in case I don't get around to it, I wanted to share the charts for those that might be interested in taking it as an unofficial trade idea or those that might have rode out the previous bounce off T2 & tucked this one away as a long-term short trade. My thoughts & next price target are on the daily & weekly charts above.

Should one decide to initiate a new short position or add to an existing short here on what so far looks to be a breakdown of that 61.55 support, an objective stop could be placed above 65.20 if targeting the former T3 or T4 levels (50.80 & 42.30).

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Jun 14, 2016 3:06pm|Categories: Unofficial Short Ideas|Tags: |3 Comments

3 Comments

  1. snp June 14, 2016 8:35 pm at 8:35 pm

    fwiw and imho category: i’ll go long at 58-59 instead. this seems like chasing it down. its oversold on almost every time frame and judging by the long term daily chart this thing when it bottoms will rip. just saying, and I know we thrive on diverse thought and sharing ideas here. I always have something to learn from everyone else’s charting methods.

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    • sportofkings June 17, 2016 11:33 am at 11:33 am

      $ALK Time to test 58-59, but getting overdone.

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      • snp June 17, 2016 1:14 pm at 1:14 pm

        im watching it too

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