Since gapping higher in late April, the stock has been extremely volatile. Despite carving out three different top reversals (red, green, and black circles), the shares remained above the support that was created from the gap higher (blue line). This week that changed.

As support has finally failed, I am looking for an initial retracement that is the mid-point of the initial gap higher. This implies a price target of $160-165 (black box). Shares briefly traded in that range today. Were this price support to fail, we should see the share trade back to $140-145 (red box).

Bulls may cling to the hope that the recent decline has occurred on low volume. Other than that, all figures point down. With shares below the 50-day moving average and no clear support levels in sight, lower prices are in the future.