Sunday, June 08, 2008

HOLX Update for 06.08.2008


Monthly chart shows May's trading activity resulted in a doji, indicating indecision between the bulls and the bears. Price is currently below all key moving averages. No buy signal in place as of yet on this timeframe.

Weekly chart shows the bears managed to take back the prior week's gains from the bulls. Price is currently below all key moving averages. Short term support is off the $20.15 low. Look for a re-test of this low in the days/weeks to come. IF this low holds, THEN look for a long signal and entry.

Daily chart better shows the short term resistance right off the .382 fib resistance and also the 34ema. Bears gapped down the stock at the open of Friday's trading in their haste to exit their positions, and there was relentless selling right into the close. Small LIS where "old resistance becomes new support" did not hold, and we should see resumption of selling next week. It is likely the stock will be stuck in a consolidation range before movement lower. Downside target is a lower low -- within the $17.50 range (which is a prior support level and also a 1.618 fib level.

No comments: