Sunday, December 30, 2007

Urban Outfitters Analysis for 12.30.2007


Monthly chart shows an abc 3 wave pattern into .786 fib resistance, creating a bearish gartley butterfly pattern.

Weekly chart better shows the 3 wave pattern into fib resistance at $29.45, where there was selling pressure the past three weeks

Daily chart shows the last move up into .786 fib resistance was corrective in nature. Thursday's price action shows sellers were in a hurry to exit the stock when they gapped down the open and traded lower. Look for further weakness and a retracement of the last leg up. First downside target is $23.25 level, and then $19.75 level.

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