Wow what a false move up on RL yesterday. We had mention in are prior post we had expected this to happen. ( It will be interesting to see if they push the stock up to retest the price levels near 141.84 again. Since we are in a new month and starting a new year their may be a bullish bias period this day and week ahead. That can become a better place to add to this bearish position or start one. Well see what happens from here on.)
As seen in the charts below yesterday we went up in the morning session and came near to retesting the price level $141.84; But only reached a high of $141.72 and from then on we made lower highs to end the day near the lows with high volume. I signal we had distribution. ( best view hourly chart EXHIBIT 1.3) .
EXHIBIT 1.1: Daily Chart (RL)
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EXHIBIT 1.2: Daily 3 Month Chart (RL)
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EXHIBIT 1.3: Hourly Chart (RL)
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