CCL short trade - Curious about your thoughts

[Lenny 2]

Dear all,

CCL was already 10% down, but still seemed to be very weak. What do you guys think of this short?

 

[Justin 264]

I wouldn't have a clue what it was going to do there. Yes, generally weak, but it's chopping and stuck in a range. It has also already bounced off the low 5 times... Maybe it's going higher... not sure. I'd just wait until it cracks and closes above or below.

[TommyK667 10]

There seems to be quite a bit of support at that lower red dotted line.

It had a failed 123 in the 1 minute.

It moved up after a topping tail doji (which tends to signify bearishness on its own), so that would mean bullish. But a topping tail doji at the bottom range usually also means there's buying pressure too.

It is far from the moving averages.

So all in all I don't think it's an ideal short entry imo. A better entry would be a break of that lower dotted line level.