On May 6, Education company Career Education Corp, posted quarterly results that were below expectations, hurt by a plunge in revenue in one of its segments, even as other education companies posted strong profits.
Shares of the company dropped almost 10% closing at 19.17 with huge volume traded, on May 7. I’m always in the lookout for companies that drop in price after they posted quarterly results because most of the time that is a bad sign for the price action to come.
CECO is showing a support for more than 3 months at the 19.5 level and at the same time the stock is showing lower highs signaling a descent.
I’m selling short 140 shares of CECO if it breaks down support.
Sell short 140 CECO 19 stop 18.87 limit good until canceled.
Cancel the April 28 order to sell short 70 FCX.
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