Sunday, January 21, 2007

CWTR Analysis for 01.21.2007

Current resistance is at the $31.26 high. Double top at that level brought out sellers in force in November 2006. Chart looking very toppy.

Sellers took price down through a LIS at $23 area. Price is now below all moving averages. On a weekly basis, stock is now in oversold territory based on the cci.

The direct mail catalogue company featuring women's apparel revised their forecast downwards, resulting in sellers coming out in force at the open. Sellers gapped down the price to prior support at $18.75 area, where early buyers were at the ready to enter, ending with a green day. Friday's price action resulted in the widest range day for the past month. Watch for follow through next week to enter long positions. IF follow through is weak, THEN look for further downside pressure.

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