UNUM GROUP - UNM
Monthly chart shows that the stock has been stuck in a trading range/consolidation since 2000. The move up off the March 2003 low of around $6 looks correcitive, and looks to have 5 waves. IF we have 5 waves, THEN look for retracement of the whole move, with the initial downside targets to be $14.50ish and $10.90ish. The current resistance at the $28 level is also the .382 fib level. No buy signal evident on this timeframe.
Weekly chart shows resistance at the .618 fib level. The bulls were not able to take it up higher above this level, and the bears came out in force this past week and erased all the gains made by the bulls during the month of May 2008.
Daily chart shows a three wave abc pattern into high of $25. Friday's price action produced a kicker type signal, as the bears gapped down the price at the open of Friday's trading session, and sold off into the close.
No comments:
Post a Comment