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News Breaks
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November 10, 2009
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| 14:19 EDT |  | UGI |
| theflyonthewall.com: | UGI Corporation: Earnings release technical preview, bear pattern, short-skew | | BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the short-term bullish price channel at $24.63. On a bullish breakout above the price channel the following resistance levels would become upside objectives: $25.30, $25.77, $26.35, $26.65, $27.21, $27.79, $28.30, $28.87, $29.31, $29.98 -- lifetime high. BEARISH CASE: There is a potential bearish flag on the daily chart that will become active on a breakdown below $24.05. Downside potential for the patter is to the $22.50 area. On worse than expected news/outlook the stock could trade to the lower limit of the price channel at $24.05. On a bearish breakdown below the price channel the following support levels would become downside objectives: $23.78, $23.27, $22.90, $22.56, $22.11, $21.70, $21.35, $21.00, $20.50, $19.86. NOTE: Very small short-base at 1 day to cover, with 0.5% of the float short. Traders are positioned for positive news. Reactions on a surprise, esepcially a negative one given the very small short-base and bearish price pattern, have a high probability of being extreme in duration and price. :theflyonthewall.com |
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