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News Breaks
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October 29, 2009
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| 13:47 EDT |  | VSEA |
| theflyonthewall.com: | Varian Semi: Earnings release technical preview, bear pattern, gap risk | | BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the bearish price channel at $30.58. On a bullish breakout above the price channel the following resistance levels would become upside objectives: $31.30, $31.80, $32.40, $33.44, $33.96, $34.49, $35.04, $35.78, $36.33. BEARISH CASE: Rounding top in progress, with downside potential to the $26 area. On worse than expected news/outlook the stock could trade to the lower limit of the price channel at $29.33. On a bearish breakdown below the price channel the following support levels would become downside objectives: $28.83, $28.28, $27.73, $27.22, $26.72, $26.28, $25.85, $25.22, $24.81, $24.39. NOTE: Large short-base at 5 days to cover, with 6% 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. High gap risk. :theflyonthewall.com |
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