NEW BEARISH Plays
Harris Corp. - HRS - close: 45.74 change: +0.01
Stop Loss: 46.65
Current Gain/Loss: unopened
Entry on March -- at $--.--
Listed on March 07, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 855 thousand
New Positions: Yes, see below
Why We Like It:
Harris is an international communications and information technology company serving government and commercial markets in more than 125 countries.
The stock sold off sharply following its earnings report in late January where management lowered their guidance. HRS spent nearly all of February bouncing from technical support at the 200-dma but the rebound reversed at new technical resistance at the 50-dma. Now HRS has broken down below its 200-dma and looks poised to break down even further.
Wednesday's low was $45.39. I am suggesting a trigger to open small bearish positions at $45.30. More conservative traders might want to wait for the stock to fall below $45.00 or even its simple 300-dma (currently 44.75) before initiating positions. If triggered our target is $40.50.
Trigger @ 45.30 *Small Positions*
Suggested Position: short HRS stock @ (trigger)