ODP daily March 19th
ODP (Office Depot Inc) will trigger a short entry on any intraday break below the 4.45 support level. ODP recently broke down below a symmetrical triangle pattern, bounced off the horizontal support level just below the pattern, and has been backtesting the triangle from below since. If the current market trend was bearish, I might normally establish a short position here on the backtest. However, with the broad market trend still bullish, it would be prudent to wait for the stock to break below support before establishing a short position. As of now, the sole profit target is T1 at 3.90, which would provide a gain of about 12% if hit. A suggested stop for this trade, should an entry trigger, would be on a move back above the 4.63 level.