currently this stock has a relatively strong channel from about 20 to 23.50. Over the past week the short interest has been unusually high as well as the volumes. I look for this stock to move to the 20 range short term however, with earnings on the horizon I would not be surprised to see it around 23.50 by early November.
Like this stock as a swing trade over the next month. Looking for possible volume spikes however, this is a strong company in an even stronger industry.
Another range play that has Has broken previous support and is heading lower. From current price above 2:1 risk reward. Medium term play should make its move in next 3-7 days.
Due to the downward channel our best guess is that price will descend. medium term range that could last several to a couple of weeks. What makes this attractive is the overall risk reward factor.
Trevor Nelson SR. Analysis
