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News Breaks
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November 6, 2009
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| 11:47 EDT |  | ROK |
| theflyonthewall.com: | Rockwell: Earnings release technical preview, short-skew, high gap risk | | BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the short-term bullish price channel at $44.32. On a bullish breakout above the price channel the following resistance levels would become upside objectives: $44.93, $45.73, $46.44, $47.19, $48.00, $48.75, $49.56, $50.35, $51.18, $52. BEARISH CASE: On worse than expected news/outlook the stock could trade to the lower limit of the price channel at $42.60. On a bearish breakdown below the price channel the following support levels would become downside objectives: $42.25, $41.50, $40.81, $40.18, $39.50, $38.88, $38.24, $37.50, $36.75, $36.13. NOTE: Very large short-base at 10 days to cover, with 8.3% of the float short. Traders are positioned for negative news. Reactions on a surprise, especially a positive one given the very large short-base, have a high probability of being extreme in duration and price. High gap risk. :theflyonthewall.com |
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