26 Stocks Breaking Down
We're seeing a fair amount of selling today, which could continue into the days ahead. As a result you may be looking for a way to hedge your long positions, to avoid further losses, or perhaps you believe that this market could see an extended move downwards. Either way, the stocks below provide a lot of trading ideas for succeeding on the short side of the trade.
The stocks below are showing signs of, or already in the process of, breaking down as the smart money appears to be leaving them in a subtle manner. There are stocks trading at its peak and finally showing some vulnerability, while on the other extreme, there are stocks that have been in a channel near or at their lows, before finally breaking down below those lows.
The stock I'd pay most attention to is Peabody Energy (BTU) which dropped below the 50-day moving average, as well as completed a head and shoulders pattern, and is now breaking below the neckline. Should this market decline continue in the coming days, BTU could see its price drop into the $55 to $57 price range.
Here are 26 Stocks Breaking Down.