First the bad news. A major support base at $9.00 has been tested only three times previously in the last two years and each time it held firm. Today it was tested for the fourth time in two years and it broke. SP closed today at $8.76. In technical analysis, the breakdown of a major support line is considered to be an extremely negative indication for the future.
Now the good news. A six-month downwards-sloping pennant is still intact. A downwards-sloping pennant usually breaks out to the upside. (Of course, there is a lesser possibility that the pennant might break out downwards.)
IMO, today was a buying opportunity despite the overall downwards trend.
NST Price at posting:
$8.76 Sentiment: Buy Disclosure: Held
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