- Auto and Tires are under-performing the S&P - GT has formed a down trend - Short on a break below 24 along with a bearish market condition (reversion to the down trend )
Within the weak Tires sub industry, Goodyear has been losing upside momentum and is starting to underperform the S&P since May 2014. Technical Analysis: - Bearish Divergence from May to now - Price has been holding bellow the 20MA on the weekly chart with a mean rejection at the beginning of Sep - Downtrend on the relative performance chart with the S&P Initial...
Breakout or pullback? This channel says sell but volume shows people are interested
-Strong level of institutional buy between 19.04-18.24 -Overall weekly trend is up -Fundamentals improving on strong uptrend -Recently hit strong institutional selling (23.05 - 23.76) level on weekly; pierce halfway into range Stop: 18.24 Entry - 19.04 Target: 23.50
If does not brake resistance of 23.13, most likely will go down again and price target should be around $22.50
Technicals point to a clear bearish turn in Goodyear. Stops at $17.67, Entry at $16.70 with target price of $15.20
UO plus this bullish channel down suggests a possible breakout upside but conservative traders can wait price to clear the upper DT so far buying at the lower channel and selling upper channel was profitable. Join us woowtrading.net