FFIV looks to be shortable in here as it may be forming another right shoulder in an overall head and shoulders pattern, as we see in the daily chart below. For the sake of fair disclosure, we have a tiny (at least for us) short position in this currently. The 50-day moving average at around 102.16 or the top of today's range at 102.77 would be you guide for an upside stop. Also, we would love to see FFIV make another run towards those highs as it could potentially provide an even more optimal entry point. Note that if the general market, for any reason, is able to rally forcefully into the close, you may want to back off, so keep an eye on the general market action in conjunction with any short position in FFIV.
SSS - FFIV Possible H&S Short-Sale Set-Up
|Published:||5 May 2011 16:45 ET|
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