Todd asked me about bearish chart pattern on LOW. Stock is in downtrend. Now it is in major support area between 24 and 26 USD (see monthly chart) . Downtrendline and declining 20 and 50EMAs are pushing price down. There is really good possibility for breakdown.

So aggressive traders could enter short immediately under 24.68 with stop above 25.48 with expectations of further decline, breakdown and then strong move to 20USD area.

Or it can be shorted after breakdown 23.825.

This entry was posted on Sunday, November 18th, 2007 at 11:32 pm and is filed under Stock chart analysis, Trade management. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.