Stock Chart Analysis GES

Posted by downtowntrader | 5/06/2007 09:27:00 PM | 4 comments »

Stock Chart Analysis GES

Guess?, Inc. (Public, NYSE:GES)

GES has been trading an interesting chart recently. It has found strong buying in the $37 dollar level twice. The second time caught some bears by surprise and it was followed by a quick rejection of the $38 level, and then an NR7 bar. An NR7 bar means it was the narrowest ranged candle of the past 7 candles. This usually shows an equilibrium in supply and demand and can be followed by a volatile move in either direction. It looks to me like GES is getting ready to move higher but remains in a vulnerable spot under the 20 and 50 day simple moving averages.


Good Trading,

Joey

4 comments

  1. Woodshedder // 10:51 PM  

    Joey, GES has been on my short watchlist for a while. You're right, it just keeps going up. But after the recent split, I think when it starts to fall, it will make a great short.

    GMO and URZ look great. Nice charts!

  2. downtowntrader // 11:05 PM  

    Woodshedder,
    While GES looked to me like it was rolling over, that surprise move on 4/20 caught my attention. I don't know if it will break out or not, but if I were a betting man, I would guess that they at least attempt one which would work for me :) . This is the first time I have seen GMO and URZ but they do look intriguing. Thanks as always for the comments and feedback.


    Joey

  3. Woodshedder // 5:57 PM  

    Looks like I missed my opportunity. I looked at it this a.m. and then forgot to check it later.

  4. downtowntrader // 8:04 PM  

    Woodshedder,
    Yeah, when it dropped under the NR7 candle low, any long play was invalidated and in fact, it could of been shorted. I am still staying away from the short side here due to overall market strength and clear support at 37, but if it starts to trade sideways in the 37-38 range, then it could fall apart soon.

    Joey