Cooper Tire Analysis for 11.16.2007

COOPER TIRE AND RUBBER CO. - CTB

After Friday's close, Cooper Tire announced that its board of directors has approved a $100 million stock repurchase program. The stock is to be purchased on the open market.

The monthly chart shows a 3 wave bearish pattern into the $28.50 area high. Price has currently retraced more than the .618 fib of the last move up off the $7.40 support.


The weekly chart shows increasing downside momentum. Price is currently below all key moving averages.

The daily chart shows price is currently below all key moving averages, and downtrend is contained by the 8ema as resistance. Sellers continued to exit the stock all week. There are no buy signal as of yet on this stock.