CCU Analysis for 02.09.2008

CLEAR CHANNEL - CCU

SMH Capital upgraded the stock this week from a "neutral" to a "buy". The monthly chart shows a huge consolidation range/pattern. The high made in June 2007 was right at the .618 fib level of the prior leg down. There has been nothing but selling since the June 2007 high. There is no buy signal/pattern evident on this time frame. Look for more downside movement, with the current support of $27.29 to break. Next downside target is the $24 - $25 level and lower still.

Weekly chart shows last week's trading activity found resistance off the .382 fib retracement level, where sellers came out in force, taking price back down to its prior support level. No buy signal/pattern evident on this timeframe. Look for continuation lower.

Daily chart shows resistance off the prior s/r and .382 fib level. Look for possible consolidation/trading range before the next leg down.