Name your price on Priceline (PCLN) (December 10, 2014)
Priceline ( NASDAQ:PCLN ), we still haven’t found our price. William Shatner still is asking you to name your price and it’s lower. Look at the stock, just look at the Bollinger Bands; you can see the stock is trading below the lower Bollinger Band, which hasn’t happened in a while. These Bollinger Bands, at the same time are tightening, they’re squeezing, so the stock has not come close to the upper band since this gap up. This was like a big massive gap and basically a crap after that. The hasn’t regained that level, now it’s moving lower.
What my suggestion is, and it’s really easy, this stock is still under distribution, you can’t look at how far it’s come from the top. It’s fallen 20 percent that’s 270 points, but does that really matter? It’s fallen 20 percent from the top here, so it’s not like this massive move lower to where you say this has got to be bought right now. I’m short Priceline ( NASDAQ:PCLN ), I don’t have a big position in this but folks that know me know that I love to trade Priceline ( NASDAQ:PCLN ) on specific days; I don’t catch them all but sometimes Priceline ( NASDAQ:PCLN ) moves in a big way, most days it doesn’t, 5-6 points as compared to 40.
This is looking to me like if this stock falls below yesterday’s intraday low, we’ll call it 11.12, if this stock starts to fall below this level it’s probably going to keep going, because who would want to buy it? Who would want to buy it if it breaks down below this level? By the way, who would want to sell it if it breaks down below this level? I know, folks who bought here, who are looking for the big move higher, it’s not happening. So the bottom line is this, if you’re long Priceline ( NASDAQ:PCLN ) I think you should keep a really, really tight stop on it. If you’re looking to short it, tomorrow could be your lucky day.
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