NEW BEARISH Plays
Stone Energy Corp. - SGY - close: 19.91 change: -0.82
Stop Loss: 21.35
Current Gain/Loss: unopened
Entry on December xx at $ xx.xx
Listed on December 03, 2012
Time Frame: 3 to 6 weeks
Average Daily Volume = 719 thousand
New Positions: Yes, see below
Why We Like It:
SGY is an energy stock that has been underperforming both the market and the sector. Shares have spent the last three weeks consolidating sideways in the $20-22 zone. Now it's breaking down under key support at $20.00. The next major support is all the way down near $15.00.
I want to see a little bit more confirmation so I am suggesting a trigger to open bearish positions at $19.80. We will target a drop to $16.00. FYI: The Point & Figure chart is bearish and forecasting at long-term $12 target.
Trigger @ 19.80
Suggested Position: short SGY stock @ (trigger)