Stock Chart Analysis ELY

Posted by downtowntrader | 5/28/2007 09:18:00 PM | 0 comments »

Stock Chart Analysis ELY

Callaway Golf Company (Public, NYSE:ELY)

ELY has been in a trading range for about 5 years now. It looks like it may be attempting to breakout of this range on longer timeframes. It has pretty strong resistance above, but drilling down to the daily chart, it shows a promising setup. ELY broke out of a wide base and has been trading in a very tight pullback. It is pulling back to gap support and a rising 50 day moving average. A break of the channel shown may be enticing enough for a trade to the long side.

Good Trading,


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