Over the next few days I will be cleaning up the active trades and trade setups, either updating the charts or removing trades & setups that no longer look attractive, have hit their final profit target, or should have been stopped out. In doing so, I noticed that AZO was still listed as an active short trade although it did recently trade above the suggest stop level. Therefore, I have re-categorized the previous charts as a completed trade but I'm also adding AZO back on as a new short setup, to be triggered on a break below this dual support area [...]
here's the updated chart on the AZO short. prices moved sideways out of the originally posted rounded top pattern after giving a false-breakdown and it did run up to test that resistance area that i mentioned in the last update but was unable to make a solid move above it. AZO triggered a fake-down (false breakdown) on an intraday break a few weeks back but prices closed back above that support line that same day. however, on friday, we had a nice fat bearish engulfing candlestick that finally gave us a close below the support line so this one looks good... [...]
here some updates to the active short trades. any active shorts not listed here still look fine technically but feel free to email me if you have any specific questions on a trade. [...]
AZO looks like a nice swing short candidate on a break of this daily rounding top pattern. weekly and daily charts below with targets marked on the daily.