I have been monitoring this “opportunity” today and felt earlier that the $57 level was holding up ok. After the market open, that certainly changed. After some additional chart review, I pulled out to the Monthly chart and observed this:
The stock has retraced the move from 2009 to 2011 back to the 61.8% Fibonacci level. The CCI indicator is down with the Titanic (bottoming) so I am getting even more interested at this level. A hold here above $52 and I will put on a short-term bounce play trade (the plan is to use 1/2 position in selling Puts (a Bullish bet) and 1/2 position in long the stock).
One more note, I use Welding Gloves for this trade. 🙂