Constant Contact Inc : A double top pattern as main argument
Entry price | Target | Stop-loss | Potential |
---|
US$33.97 |
US$0 |
US$36.05 |
+100% |
---|
This strategy is based only on technical arguments.
In recent sessions Constant Contact's stocks have reached its resistance at USD 35.6 twice. Despite the recent bullish trend, due to the high legitimacy of this resistance, we can expect a reversal trend in coming sessions towards the USD 30.4 support. Moreover, prices have drawn a double top pattern which often represent a strong bearish indication.
Regarding technical arguments, operators can sold the share at current prices in order to reach the USD 30.4 support. In case of double top pattern's invalidation, investors should close their positions.
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