If at first you don’t succeed… CBK was a recently stopped out short trade which was added at the open on Jan 15th, only to be stopped out after being caught on the wrong side of a news-induced gap the very next day for a 75 cent loss. The stock went on to flounder around for the last couple of months, going pretty much nowhere after making a new high on the day of the gap but now I am adding CBK back as an Active Short Trade at current levels (6.17). Notice that nice gravestone doji candlestick put in yesterday as prices made a new mutli-year high with steep divergences in place on the MACD and RSI. The bearish engulfing candlestick today (assuming that we close above yesterday’s lows at least) helps to confirm yesterday’s potential reversal stick. Targets are the same as the previous trade with T3 being my preferred target. I don’t expect much, if any, of a bounce off T1, although I will leave it there for those preferring to book quick profits, assuming the trade pans out. Daily chart shown.
