Garmin Ltd. (GRMN) Technical Analysis

Today we'll analyze the Stock GRMN for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 56.97$ (03/14/08) to 61.09$ (03/18/08) a 4.12$ move
2- The current bearish trend started from 61.09$ at 03/18/08 and is currently trading at 60.13$.

3- The stock current support level is at 60.12 which is the 23.60% fibonacci retracement of the last 4.12$ move.
4- The stock current resistance level is at 61.09 which is the 0.00% fibonacci retracement of the last 4.12$ move.
5- According to ADX, the trend is currently strong bearish,which is becoming weaker.
Short term chart patterns :
6- The Stock was supported by a support line, identified by two points: 56.97 and 53.1 that was broken down at 59.16 transforming into a resistance line.
Mid term chart patterns :
7- The Stock was resisted by a resistance line, identified by two points: 69.5 and 72.15, and is currently resisting at 64.6417.
Long term chart patterns :
8- The Stock was resisted by a resistance line, identified by two points: 69.5 and 72.15, and is currently resisting at 64.6417.

Conclusion:
GRMN was trading in a strong bearish wave, which is becoming weaker .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .

Resistance Levels: 60.36, 60.50, 60.61, 60.72, 60.84, 61.09, 64.64,.
Support Levels: 60.12, 59.52, 59.03, 58.54, 56.97, 55.85,.