Although well-below the bearish rising wedge now, (Ambac Financial Group) still appears to have considerable downside before the first & final targets & as such, offers an objective short entry. As with the previously posted TIPT & MBI short trades, my preferred is to take a starter position here, likely adding to that position either tomorrow or next week, depending on how the charts develop going forward. Daily chart below.
AMBC daily March 16th
Description
Ambac Financial Group, Inc., a financial services holding company, provides financial guarantees in the United States, the United Kingdom, Italy, Austria, Australia, France, and Internationally. It offers financial guarantee insurance policies; specialty property & casualty program insurance; credit derivative contracts; and interest rate derivative transactions, as well as managing general agency / underwriting services. The company was incorporated in 1991 and is headquartered in New York, New York.