If this double bottom GM has put into place is legitimate and strong then it should find some support quite close to the area it is trading in now. 30 1/2 should be strong support.
Revlon - I continue to wait for the pullback to continue in order to judge the health of the stock. We need to see if this move is for real or if it is just another fake out.
GMTN - Starting to work its way through some very heavy resistance. A close above $14 on strong volume should cause a serious short covering rally. Take a look at the short interest in Gander Mountain, it is HUGE!! This could provide some excellent fuel for a strong rally as those shorts run for cover.
FORD - Looks poised to make a strong rally. Although with symmetrical triangles the price can break either way, the internals seem to point to an upside breakout. Sometimes a Straddle is a good thing in a situation like this, then it can break any old way it wishes!!
BDAY & DVSA - Both are getting close to their downside price targets.
IndyMac and Corus Bancshares both appear to have put their secular lows in place. However, with the extent of price damage they both endured, it might take a period of choppy action before a sustainable rally can ensue.
No comments:
Post a Comment