Bob, support and resistance are always a matter of opinion, of course.
If you look at the chart, though, I think most would agree that there is support at 35 and 28. Draw a horizontal line at each of these values, and you will see what I am talking about. These are previous resistance levels, now support.
I don't beleive that this stock is going to break below 35, but if it does, I do think that 28 would be likely.
I think that the only time that fundamentals REALLY take over is when the stock sells for less than cash. Of course, you would have to be in a deep bear market for most stocks to get there, and we're not in a deep bear market. |
