This Stock Is Turning Modestly BEARISH, Short-Term
An upswing to retest the high made recently is probable. But after that a much larger down swing is expected. This is a BEARISH quick trade.
Downside Target: $46
Time Frame: About One Week Or Less
Downside Profit Expectation: $4 per share, depending on where you short it.
It is likely that this stock will dip below the aforementioned downside target. However, I'll be conservative and simply be satisfied with the bulk of the short-term down swing, and leave some profit on the table. If you're a day trader, you can probably even capture that potential additional downside gain, but I am too lazy to bother. Not that I cannot day trade, as I can, often picking intra-day tops and bottoms, but it's an order of magnitude more effort.
To be fair, I also consulted the forecast for this stock provided by ForecastS.com, but the extra interpretation and the somewhat refined target price expectation are based on my own review of the price chart for the stock.
$49.4 (08/29/08)
