quantguy
Long

Mattel Breakout Imminent

NASDAQ:MAT   MATTEL INC
There are a variety of reason why this trade looks fungible. With the holidays right around the corner, and a 'hold' rating recently reinstated by Sterne Agee CRT (see link), the fundamentals appear to be in its favor. Notice further how the bullish trend that began earlier in October keeps establishing new (relative) highs. The slopes of the line segments bounding the lows keep increasing, which is a general sign of a solid uptrend. Over the past few days, we see the price accumulating to about 24.65. Finally, we see that the On Balance Volume is indicating tremendous buying pressure, whereas MACD and RSI confirm that the asset is not yet overbought. For profit targets, consider the Fibonacci levels anchored back in June for the high and in early October for the low. This coincides nicely with the levels of support which can be garnered from price action accumulation and relative highs and lows. These facts seem to indicate that 25.37 might constitute a viable first profit target.
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