The HTZ short trade still looks very promising with prices now moving impulsively lower following the third failed attempt to take out it’s 2007 all-time highs. Following the original short entry, the stock managed a second and then third attempt at a breakout above the previous all-time highs put in back at the end of the prior bull market in 2007. As the negative divergences only continued to build, the odds of a sustained breakout diminished and yesterday, HTZ took it on the chin with a large gap below a key support level (now resistance). As such, the odds for a move down to at least the T1 level (18.20) have moved up sharply. HTZ also offers an objective add-on or new short entry here or on any push back to test that support level from below, with a suggested stop slightly above the dotted white line on the updated daily chart below.
HTZ Short Update