COL was covered in detail in the Jan 9th Aerospace & Defense Sector Overview Video in which at the time, I had pointed out that it had a little more upside to go before tagging a key multi-year downtrend line on the weekly chart (where it would likely find resistance). A nice bearish rising wedge pattern was also pointed out on the daily time frame along with a horizontal resistance level. I had stated that a break of the wedge pattern would be an object sell signal (exit long or enter short) and COL was once again mentioned on Wednesday as my of my favorite short trades at this time.
Here’s a look at the weekly & daily time frames from both the Jan 9th video as well as the updated charts (as of this morning, before the bell). COL will be added as an active short here following this small pop at the open today (if not already short). Targets marked on daily chart, an ideal stop would be on a move over 60.30 (COL is now trading around 59.00).
