News Breaks
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| 12:43 EDT |  | PDCO |
| theflyonthewall.com: | Patterson Companies: Earnings release technical preview, large short-base | | BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the very short-term bearish price channel at $26.19. On a bullish breakout above the price channel the following resistance levels would become upside objectives: $26.48, $27.32, $28.00, $28.63, $29.61, $30.15, $30.89, $31.50. BEARISH CASE: On worse than expected news/outlook the stock could trade to the lower limit of the price channel at $25.62. On a bearish breakdown below the price channel the following support levels would become downside objectives: $25.06, $24.68, $24.17, $23.60, $23.04, $22.65, $22.13, $21.57, $21.20. NOTE: Large short-base at 7 days to cover, with 7.8% of the float short. Traders are positioned for negative news. Reactions on a surprise, especially a positive one given the large short-base, have a high probability of being extreme in duration and price. :theflyonthewall.com |
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