As P (Pandora Media Inc) approaches my second & preferred target, T2 at 23.12, I have decided to make T2 the final target for the P short trade as the R/R will not be very favorable to remain short, assuming the target is hit before any meaningful bounce to work off the oversold conditions. For those who took the trade and were targeting T3, the stock very well may get there in the coming days or weeks. If so, consider lowering or trailing stops to protect profits. In reviewing the charts today to determine whether to book full or partial profits as we are quickly approaching T2, it appears that the chances of a sharp short-covering rally/oversold bounce are starting to rise and with T2 place just above the top of the Sept 12th gap, the buyers may decide to step in there as I would imagine we’ll see a fair amount of short-covering there as well.
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P daily April 25th