NVO daily Jan 6th
NVO (Novo Nordisk, A/S) offers an objective short entry on this break below the 42ish support level, which also follows the recent breakdown & successful backtest of this large bearish rising wedge pattern (which was defined by the primary uptrend line generated off of the Oct 2011 lows). A more conservative entry would be to wait for either a large move below or a solid close below the 42ish support level.
Suggested stops based on a 3:1 or better R/R to one’s preferred price target. e.g: Assuming an entry around the current price of 41.95, those targeting the final target, T3 at 35.80 might consider a stop around the 44 level (41.95 entry – 35.80 target = $6.15 profit; $6.15 / 3 = $2.05; entry price of 41.95 + 2.05 = 44.00 stop loss).