Stock Chart Analysis TASR

Posted by downtowntrader | 5/13/2007 05:57:00 PM | 2 comments »

Stock Chart Analysis TASR

TASER International, Inc. (Public, NASDAQ:TASR)

TASR was once a market leading stock running from just pennies a share to the mid $30's. It has since fallen on hard times for several reasons, but has been stabilizing for the past few years. The question is whether TASrR is resting before the next downturn, or if it has been building a base from where a potent rally could emerge. Obviously I am strictly a technical trader, but I do believe in their product line and they dominate it as far as I know.

I am first going to show a weekly chart over the past several years showing the huge double top and subsequent fall. It has been respecting a descending trendline that used to be support before the double top was confirmed. Recently, the lows have been forming higher and higher, showing some demand from buyers. This is starting to emerge as somewhat of a triangle and could be of the bottoming variety. RSI is making fresh highs and volume is ticking up a hair.

If we zoom in to the daily, we see a stock that recently cleared a base and could be coming back for a retest. While it may not get there, I would prefer to wait until it did. The green circle shows what I would consider a sweet spot since it would be above potential support and not have technical damage on a pullback. I would wait for signs of a reversal of course, but again, there are no guarantees it even gets there. I would only enter sooner if it showed clear strength.


I have a few tickers I will hopefully post about tomorrow, but I am busy here with Mothers Day. Check out WNR, MTOX, CPA, and HURN again.

Happy Mothers day to all the Moms all there.

Good Trading,

Joey

2 comments

  1. Woodshedder // 1:45 AM  

    Good charts Joey.

    Look at PRGX. They report tomorrow.

  2. Woodshedder // 1:49 AM  

    Also, I like that EOD action on HURN. I will be out of the office in the morning, but that chart looks good enough to me to buy a small lot on the open.