Stock Chart Analysis GRP

Posted by downtowntrader | 7/16/2007 10:01:00 PM | 1 comments »

Stock Chart Analysis GRP

Grant Prideco, Inc. (Public, NYSE:GRP)

It seems that everyone and their mother has been buying up the oil patch recently and most of these stocks are extended. It looks like most of these are ready to pullback at least a little. Several oil stocks are sporting a pattern similar to GRP. They form a topping pattern and then make a lower pivot high. Of course, it may be too early to confirm the lower high, but it looks like most of these are going to revisit recent lows. I am looking to short the sector for only a few days at this point.

Good Trading,


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