A Breakout from the H&S Pattern Confirms a Bearish Trend
The price of City Office REIT, Inc. (CIO) has broken the neckline of its head and shoulder pattern. Therefore, this confirms the beginning of a bearish trend and our plan is to enter sell positions from a pullback.
Our sell setup is very simple: Sell limit orders are placed in the neckline area of $16.10. SL is set right above the third shoulder of the H&S pattern. The first target is set in the previous gap area of $13. We do believe that there is a very high possibilility that last year's gap will be filled.
Our sell setup is very simple: Sell limit orders are placed in the neckline area of $16.10. SL is set right above the third shoulder of the H&S pattern. The first target is set in the previous gap area of $13. We do believe that there is a very high possibilility that last year's gap will be filled.
