part of the “patience” theme, this one has been an active short since jan 20th (original post here) and other than one small pop and close above the key resistance level yesterday to run the stops before they took it down, MAS has continued to struggle at that key level while building negative divergence on the indicators and the bids finally collapsed on the stock today. i’ve included the updated 60 min and daily charts along with the originals below and as noted on the 60 min, there’s a pretty thin zone that could cause prices to fall rather quickly all the way down to T5 if we can get a solid close below T2, and especially T3. however, shorter-term traders might look to cover some/all on a tag of T2 unless we start to see some more aggressively selling in the broad markets. i’m removing this from trade set-ups as today’s large move down no longer offers and objective entry to anyone who wasn’t already in the trade but i will leave it on as an existing trade and continue to track it for now.
