CAL was a low risk short on a trendline break. The target was a 62% retracement of the move from yesterday's low to today's high. I took a partial when price tested the morning low (50% retracement level) and covered the balance into the close. The target was almost reached.Looking at the daily timeframe below, we can see that CAL has carved out a H&S top and is about to break down. The rally yesterday and this morning can be classified as a dead cat bounce and that is why this technical trendline break was so easy to spot. Regular readers know that CAL is one of my usual suspects. If the bears maintain control over the coming days and weeks and you are looking for a short, it might be a good idea to keep CAL on your radar.
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