HOLOGIC INC. - HOLX
Monthly chart shows possible 5 waves up into 1.786 fib resistance at the $72.88 high. The last 2 months showed increasing selling pressure. Price is currently below the prior high where "old resistance becomes new support" did not materialize. Price needs to hold above this $63 support level for the longs to gain any traction. The move up was made with regular divergence on the momentum indicator. No buy signal/pattern evident on this timeframe.
Weekly chart better shows the 5 waves up into the high. No buy signal/pattern evident on this timeframe. IF we have 5 waves up, THEN look for a 3 wave deeper retracement of the last move up. This gives an initial downside target of about $50.
Daily chart shows possible h&s reversal pattern on price. Price seems to be stuck in consolidation/trading range. Look for continued weakness and a break of the neckline on the h&s pattern. No buy signal/pattern evident on this timeframe.
Thursday, February 14, 2008
HOLX Analysis for 02.14.2008
Posted by TraderZ at 2/14/2008 01:39:00 PM
Labels: Head and Shoulder, HOLX
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