Dummy Gapper Trade of the Day - Garmin Ltd. (Public, NASDAQ:GRMN)

GRMN gapped down on earnings (Briefing.com list) and carved out a bearish flag (2 inside bars on declining volume). Short on break of third bar low with a partial as price approaches S2 (red line). Price consolidated sideways in a narrow range just under S2 for close to an hour before continuing lower. I covered the balance as price approached the round $ number $90.00.

The key takeaway here is that GRMN tried to recapture the previous day's lower range in the early going but it failed. Once it took out Monday's low there was virtually no support until $87.00.