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News Breaks
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October 30, 2009
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| 11:04 EDT |  | L |
| theflyonthewall.com: | Loews Corp: Earnings release technical preview, bear pattern, high gap risk | | BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the pennant pattern on the daily chart at $34.32. On a bullish breakout above the price pattern the following resistance levels would become upside objectives: 35, $36.11, $36.75, $37.40, $38.83, $40.21. BEARISH CASE: There is a potential bearish pennant pattern on the daily chart that will become active on a breakdown below $33.50. Downside potential for the pattern is to the $31 to $30.50 area. On worse than expected news/outlook the stock could trade to the lower limit of the pennant pattern at $33.70. On a bearish breakdown below the price pattern the following support levels would become downside objectives: $33, $32.50, $31.19, $30.42, $29.81, $29.35, $28.77, $27.19. NOTE: Small short-base at 2 days to cover, with 0.9% of the float short. Traders are positioned for positive news. Reactions on a surprise, especially a negative one given the small short-base and potential bearish price pattern, have a high probability of being extreme in duration and price. High gap risk. :theflyonthewall.com |
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