Gees you guys love your gaps, one closes and another opens. Well at least this one is to the upside.
Folks as the chart demonstrates below, this stock is in a strong downtrend, any thoughts of averaging down is like dancing with your sister. Only windfalls here of late is if you have traded the ranges within the trend. Appears that you have support at 12.30 and resistance at about 12.90 but unfortunately this trend is hinting that 12.30 will be seen before the later.
On the positive side, RSI is very close to being oversold and this alone might be just the thing to turn this around in the short term but a strong buy will only be indicated when the SP breaks strongly above this channel.
Are there any fundamental reasons to see a turnaround in the near future?
Cheers
click to enlarge.
WEB Price at posting:
$12.64 Sentiment: None Disclosure: Not Held
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