We are adding LA Z Boy Inc. (NYSE: LZB) to our buy list today:
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We feel technically the chart is looking bullish for LA Z Boy Inc. (NYSE: LZB). One reason is the recent higher highs:
Above you can see where LA Z Boy Inc. (NYSE: LZB) started its recent move higher, back on June 16th 2008. The beginning of the year was volatile for LZB. LZB saw a decline in late spring / early summer, then went through a 1 month period of consolidation (Consolidation usually signals a significant move to the up or down sides) which ended June 16, 2008. LZB stopped making lower lows on June 16, 2008 and also put in a triple bottom, which is a very bullish technical indicator:
Our daily chart is showing a very strong move to the upside today for LA Z Boy Inc. (NYSE: LZB), with some daily resistance showing at $9.10, though based on volume we are anticipating a move through $9.10 higher:
Though we must caution you that there is a longer resistance level over the long term which we are also seeing at $9.16. We anticipate LA Z Boy Inc. (NYSE: LZB) breaking through this though:
This longer term resistance at $9.16 can be seen in our PHILS X1 chart:
Our 15 minute chart is showing an impressive move to the upside over the last 5 trading days, where LA Z Boy Inc. (NYSE: LZB) is up nearly 20%:
Our Weekly chart is also showing a trend to the upside for LA Z Boy Inc. (NYSE: LZB), though with volatility so keep your stops tight:
Our Stochastics are also in excellent position for a move to the upside:
Finally our PHIL X2 chart is bluw for LA Z Boy Inc. (NYSE: LZB), which signals institutional buying coming into LZB. We will put our stop in somewhere just under where LA Z Boy Inc. (NYSE: LZB) started to run up today, which is around the $8.26 area:
TheSubway.com acknowledges and thanks the principles of www.philsgang.com site for their permission in allowing us the use and demonstration of the their Phil’s X-1 and Phil’s X-2 charting software.
Full disclosure: Long at time of writing - Disclosure of Conflicts of Interest
All material herein was prepared by CRG Partners, Inc. (CRGP) based upon information believed to be reliable. The information contained herein is not guaranteed by CRGP to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. CRGP is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.thesubway.com or mentioned herein. CRGP may have been compensated by third party shareholders with shares or with cash from the company on behalf of one or more of the companies mentioned in this opinion. CRGP's Licensors, affiliates, officers, directors and employees may own shares and intend to buy and sell additional shares of the company mentioned herein and may profit in the event those shares rise in value.
$9.073 (09/08/08)
