This gold stock has been trampled even as the metal remains strong. The downtrend channel is well-defined and steep. Moving average convergence divergence (MACD) is on its second sell signal and this stock looks like it will break the $100 mark soon.
The Relative Strength Index (RSI) is poor and the cloud is red and widening. If short here, use a stop around the $112 area (200-day moving average).
There is no hole-in-one for this golf equipment manufacturer. After some sizable down sessions on big volume, Callaway is trying to come back; notice how the turnover on Wednesday was sparse. Money flow is now bearish and leaning downward while relative strength is poor at best.
With markets hitting new highs this stock is at a six-month low -- not what you like to see. The 200-day moving average is a support zone but we could see this stock move back to the September lows (around $17.20) before too long. Put in a stop at $20.30.