I've entered a new short trade today on Polymetal (LSE). I entered at the open this morning as a result of this stock coming up in one of my scans as being very overvalued on a fundamental and technical basis. In a downturn, I expect these stocks to fall harder than the general market.
You can see that there are two clear down trend lines on the daily chart. However, I expect some resistance at the 900p...but after that my two targets should be achievable.
In fact, as I write, the stock is down 2.3% from my entry which was just over two hours ago...Ah..if only they all fell like that when you are short!.
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