Coty has taken a ugly turn, Wait for break of $11 for nice short

It was all going so well for Coty investors as a big winner for the first half of 2019, yesterdays restructuring announcement opened the selling floodgates and the chart has now taken a ugly appearance. The $11 level held yesterday but we expect it to be tested once again as downgrades and negative analysis could trigger a new batch of selling. Below $11 and support is feeble with large gaps to the $8 range. So set alerts for below $11 as we cant see this recovering anytime soon.
If the 34MA would happen to cross the 50MA, it is major confirmation to short, it has lead to major drops in the past.