NEW BEARISH Plays
Fiesta Restaurant Group - FRGI - close: 33.33 change: -0.34
Stop Loss: 34.05
Current Gain/Loss: unopened
Entry on July -- at $--.--
Listed on July 20, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 213 thousand
New Positions: Yes, see below
Why We Like It:
FRGI runs a "fast-casual" chain of Caribbean and Mexican themed restaurants.
It looks like shares peaked in June. Since then shares have been underperforming the broader market. Investors might be worried about how the rising cost of gasoline may impact consumer spending on casual dining.
Shares broke down below their 50-dma a couple of days ago. I suspect FRGI could see a correction toward $30.00 or lower. I am suggesting a trigger to open bearish positions at $32.90. If triggered our target is $30.15.
Trigger @ 32.90
Suggested Position: short FRGI stock @ (trigger)