Covered my AVB trade today too after it bounced back up closing very close to the upper strong resistance at $54.57. This was a very bad short move and I got painfully burned indeed. Until today, all bullish formations seem like they’re still intact and I would be careful attempting to place anymore short positions from here until that most of the upward sloping trend lines are broken.
Also kept my AVB short over the weekend as the stock failed to close above the upper trendline. Looking for a continuation to the downside on Monday, will reassess my position if it closes above the $51.60 at the end of Monday’s trading day.
Wow just realized how volatile this stock is on an intraday basis. This thing moves by at least 3% on a daily basis and today I got hit pretty hard with a 4% move.
None the less the stock closed right on the trendline at $55.27. I am also going to give this short a second try tomorrow as long as it stays below $58.00
Also shorted shares of AVB today at $52.87 after confirming the breakout of the upward trendline. Looks like the Euphoria for REITs are also over and its finally time to get back to reality. MACD looks like it may still have some more room on the downside.
Short term target price $50.50. Will reassess my position once we get there.