prcruz408

Overbought on finviz scanner ? and PNK inches higher

NYSE:PNK   None
First of series of stocks posts on finding opportunities of stocks narrowed by using finviz.com scanner. I used their "overbought" signal setting with the minimum 3-month trading volume average of 500k shares.

PNK             - Has had some growth on revenue and income - large capital outflows to reduce debt - very high debt to assets despite most recent drawdown to lower retire debt - based on information presented on google             finance.

Technically - strong buyside activity pushing stock prices into previous high establish back in early 2007. Most recent activity shows gap-up - strong evidence of rush to acquire stock. The strength of the rally combined with gaps may provide excellent area of entry to enter long into stock as there has been real selling occurring. Despite meandering in equity indexes - PNK             has inched higher currently chipping at the remaining sellers from the 2007 price highs - could provide some short term shorting opportunities.

Currently eyeing $30-$31.5 as support to enter long positions due impulsive upward move from this price level.
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