Petsmart (PETM) was in a nice upward trend of $13.00 to $72.00 from 2009 to 2013.
GAP REVIEW
On January 28th, 2013 PETM gapped down under price support of $65.00. PETM may have started a new downtrend off the daily charts and will be hunting for new demand/support.
KEY LEVEL
If PETM remains under $65.00 – $67.00 it should start drifting lower into its new search for price demand/support.
THE TRADE
Short any bounce with price rejection into $65.00 or $67.00. Price target into $55.00 key level of demand.
