donniebrasco
Long

Support breakdown from fib retracement

NASDAQ:SWHC   SMITH & WESSON HLDG CORP
24 0 0
SWHC             yet again beat earnings . This time the aftermath was not well received. From a fibonacci standpoint, it is sitting right around the 26.68 (~26.50) support level . This is a crucial holding point. Further downward could see a drop into the low 20s. Though it is oversold, there is not strong evidence for a pop back to 30. Acc/Dis is declining while Short Interest is rising. TTM             Squeeze metric shows plenty of room for stop losses to still be triggered in a blowout. My chart uses fibonacci to compare the last peak and crash. We see the complete breakdown from 0.382 level before. I think it we are at the precipice of a repeat of the last crash. Though I'm long, my gut feeling is definitely bearish .
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