The P (Pandora Media Inc) Active Short Trade has now clearly taken out the 12.80ish support level with today’s gap down, sharply increased the odds that T1 will be hit. Also note that with the broad markets still holding above the key “flashpoint” support levels for now, I am revising the final target to the first target, T1 at 11.72 on the P short trade. Previous & updated daily chart:
While the former T2 & potential T3 target levels still have a good shot of being hit, especially if the broad markets start to move impulsively lower soon, one option would be to lower stops to slightly above the T1 level once/if that target is hit while remaining short if holding out for either of those targets. As of now, the sole official target for this trade is T1 at 11.72 & the suggested stop will be lowered to the entry price of 14.24 at this point, in order to assure at least a breakeven on the trade.