Petsmart (PETM) is unable to keep up with the (SPY) broader market making news highs. PETM gap down has put the stock into new price discovery looking for solid demand.
GAP REVIEW
On March 7, 2013 PETM gapped down breaking through a daily pivot of demand damaging the longer term trend.
KEY LEVEL
PETM needs to break through its gap down of 61.25 low to confirm its hunt for lower prices.
THE TRADE
Look to short PETM at 61.26 Stop over 63.90 Target into 56.00.
