Friday, March 4, 2011

3 Bearish Chart Ideas For Friday

AOL: Inverted cup and handle. Break below 20 targets 18-18.25. Still short from 21.12.

ABX: Island gap reversal off multi-year resistance between 54-56. Fundamentally I don't agree with the short, but will be interesting to watch for confirmation tomorrow. Closing the gap @ 53.35 would invalidate the reversal signal. No position.

AMZN: Can look to sell under 175 for a test of 155-160. Use 100 day ma @ 175 as a pivot. Above 175 targets 180. No position.

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