Sotheby’s Sold As Market Doesnt Bid Earnings

Sothebys (BID) will release its Q1 2016 earnings today. The company’s revenue is estimated to drop to $125 million, down  20% from the same period last year. Moreover, Sothebys’ turnover in China has been falling, which adversely affected the company’s sales in Asia. On the hourly chart, the stock is moving sideways between 27.73 and 27.28. RSI hovers around the average, indicating no clear direction. However, parabolic SAR continues casting a shadow on the price chart, showing a bear flag. The stock is anticipated to dim further.

Trade suggestion:

Sell at 27.28, Take profit at 25.50, Stop loss at 28.34

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