Post by DJF on Jun 27, 2005 18:10:40 GMT -5
FLSH - rough last week. Cut below $21.50 support and only found support today at the 200-day MA. The sequence of higher volume selling marked clear distribution - someone wants out, and they want out fast. I don't think the 200-day MA will hold here and I suspect we will see a continuation move down to c$16.00. If you are looking to add (and you are comfortable with the fundamentals of the company) this could be the best place to add.
GEMS - potential double top at $4.00. Heavy volume action last week couldn't break the deadlock and Monday's bearish black candlestick is another tick in the bear column. The 20-day MA has been a great support line - sell a loss of this line. A break of $3.50 would confirm the double top and place a downside target of $3.00. Around $3.00 should be a good place to accumulate if happy with the fundamental picture of the stock.
PDSN - while it trades between the 50- and 200-day MA it remains in neutral mode. The small break of $10.44 resistance has failed which means a bull trap of buyers. Short term, look for a move to the the lower BB band/50-day MA c$9.25-9.50. Depending on the volume and overall market conditions will determine if there is a bounce. $8.60 would be next support, then the depths of $7.30.
DD as always,
DJF
GEMS - potential double top at $4.00. Heavy volume action last week couldn't break the deadlock and Monday's bearish black candlestick is another tick in the bear column. The 20-day MA has been a great support line - sell a loss of this line. A break of $3.50 would confirm the double top and place a downside target of $3.00. Around $3.00 should be a good place to accumulate if happy with the fundamental picture of the stock.
PDSN - while it trades between the 50- and 200-day MA it remains in neutral mode. The small break of $10.44 resistance has failed which means a bull trap of buyers. Short term, look for a move to the the lower BB band/50-day MA c$9.25-9.50. Depending on the volume and overall market conditions will determine if there is a bounce. $8.60 would be next support, then the depths of $7.30.
DD as always,
DJF