LTD traces out bearish setup

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com


I featured Limited (LTD) two weeks ago with a small pennant, but the stock never broke pennant support for confirmation. Even though LTD edged higher, it looks like a bearish flag is now taking shape. The stock gapped down in late October and this gap zone acts as resistance. A bearish engulfing pattern formed three days ago to affirm resistance around 19. With a feeble bounce the last two days, LTD established flag support around 17.6. A break below this level would signal a continuation lower.

091117ltd
Arthur Hill
About The Author:

Arthur is Chief Technical Strategist at TrendInvestorPro.com. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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