CRM- Short as it breaks below $73.03, & $72.5 May puts @ $6.25

16 Nov 2016

CRM
Date First Found - November 15, 2016
Pattern/Why- breakdown of trend line and up channel, possible earnings play
Entry Target Criteria- break below $73.03
Exit Target Criteria- $57.13
Stop Loss Criteria- $77.37
Indicator Notes- declining Twiggs Money Flow
Special Note- we would consider May $72.50 Puts currently @ $6.25
Next Earnings Release Date- November 17, 2016

5 Jan 2017

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Relevant Updates:
January 4th- Hit profit taking stoploss. Stocks had a very small profit but options were just below entry at $5.35

January 3rd- Went up & closed above EMA lines. However still below updated profit taking stoploss.

December 30th- Downtrend continued holding below EMA lines, $72.50 May-17 puts last traded for $7.30, that is 32.7% higher from entry.

December 28th- Made a lower low & closed near bottom of the range. Looking very good as short. $72.50 May-17 puts last traded for $7.05, that is 28% higher from entry.

December 27th- Traded up, retested MA20 but closed at the bottom of the range. $72.50 May puts last traded for $6.40, that is 16% higher from entry.

December 23rd- Consolidating below EMA lines. Still looking great as short.
December 19th- Break of $66 is still key level, updating our stop loss criteria to $72.43
December 12th- showing significant weakness. Declined 1.1% today & closed below EMA lines.
December 8th- after a huge decline this is starting to look more bullish, updating the stop loss criteria to $73.43.
November 28th- Declined & traded into opening price, looking good. $72.50 May puts last traded for $5.5. We also consider break of 71.93 as secondary entry criteria.