Technician
Short

Technical Analysis Omnova: May Have Topped for Now!

NYSE:OMN   OMNOVA SOLUTIONS INC
301 2 7
Technical Analysis
The share has completed a bearish reversal behavior, the price has completed an inverted head and shoulders top pattern over the weekly time scale, suggesting bearish action likely in the upcoming months.
- Breakout below the neckline of the head and shoulders
-Breakout below the long term 52-week Average
-Violated the rising trend line for the bullish trend
-Price completed a retest to the broken neckline, showing renewed selling pressures

I am targeting 7.55 as a first downside target, then 6.40. Stop could be with a weekly closing above 9.00.

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Excellent analysis. It is a thinly traded stock though - average (3-month) daily volume is only around 80K.
+1 Reply
timwest PRO huntingsniper
Dangerously thin volume.
Reply
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