NEW BEARISH Plays
Tesco Corp. - TESO - close: 9.74 change: -0.36
Stop Loss: 10.55
Current Gain/Loss: unopened
Entry on August 28 at $ xx.xx
Listed on August 27, 2011
Time Frame: 6 to 8 weeks
Average Daily Volume = 304 thousand
New Positions: Yes, see below
Why We Like It:
TESO is an oil services stock. Shares have been falling under a bearish trend of lower highs. That pattern finally produced a bearish breakdown under major support at the $10.00 level today.
We want to hop on board and launch bearish positions at the open tomorrow. We'll start with a relatively wide stop loss at $10.55. Our multi-week target is $8.15.
FYI: The Point & Figure chart for TESO is bearish with a $4.00 target.
Suggested Position: short TESO stock @ (the open)