One New Short Position For Thursday

October 31, 2007

Remember that I am keeping these small. So you should too.

new short position: RDY

RDY is breaking down at the 200 day moving average and below the 50 day moving average, on very strong volume. The stock put in a top a long time ago and has spent months dancing around the 50 and 200 day moving average. But finally the stock has started to suffer some strong distribution and after failing to get back above the 200 dma is now breaking down at the line below the 50 dma. The downtrending RS line, heavy distribution, and red BOP confirm the weakness in the overall price chart. Cut your loss with a close above the 200 day moving average, if the stock does not move lower immediately.

rdy1031__Large_.PNG

Last 5 posts in Free Archives Shorts

Posted by Joshua Hayes | Filed Under Free Archives Shorts 

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