Take A Lithium

Managing Partner at Tim Knight Organization • Feb 15, 2018 at 12:35 PM EST

FMC Corporation besides having broken a major supporting trendline, it also features a very clean topping pattern with a squeaky-clean stop-loss price.

I’m starting to think it’s safe to go in the water again. I had said a number of times on tastytrade that I would be interested in shorting again if the Dow got to “the low 25000s”. It got up to about 25,200 this morning, so I started shorting again, rather aggressively, including buying IWM puts. As for one specific idea, here’s chemical maker FMC Corporation:

(Click on image to enlarge)

slopechart_FMC (1)

Besides having broken a major supporting trendline, it also features a very clean topping pattern with a squeaky-clean stop-loss price.

(Click on image to enlarge)

slopechart_FMC

Disclaimer:

This is not meant to be a recommendation to buy or to sell securities nor an offer to buy or sell securities. Before selling or buying any stock or other investment you should consult with a qualified broker or other financial professional. The author has no business relationship with any company whose stock is mentioned in this article nor is receiving compensation from any of the companies mentioned.

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