Today we'll analyze the Stock SKF for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 116.61$ (03/18/08) to 120.49$ (03/19/08) a 3.88$ move
2- The current bearish trend started from 120.49$ at 03/19/08 and is currently trading at 106.66$.
3- According to ADX, the trend is currently strong bearish,which is becoming weaker.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Short term chart patterns :
4- The Stock was resisted by a resistance line, identified by two points: 120.49 and 137.52, and is currently resisting at 111.975.
Mid term chart patterns :
5- The Stock formed a 35.33$ height triangle which was broken down at 116.61 in higher than usual volume, target of the pattern is 81.28.
Long term chart patterns :
6- The Stock formed a 47.85$ height triangle which was broken down at 116.61 in higher than usual volume, target of the pattern is 68.76.
Conclusion:
SKF was trading in a strong bearish wave, which is becoming weaker .
Technical indicators and chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
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Resistance Levels: 108.29, 109.92, 111.94, 111.97, 113.12, 113.57, 115.21, 120.49, 130.65, 136.24.
Support Levels: 81.28,.
We Moved!!
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Friday, March 21, 2008
UltraShort Financials ProShares (SKF) Technical Analysis
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Shadi
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