Stock Chart Analysis ESRX

Posted by downtowntrader | 8/05/2007 07:00:00 PM | 0 comments »

Stock Chart Analysis ESRX

Express Scripts, Inc. (Public, NASDAQ:ESRX)

While I'm not too excited about shorting the markets after such a sudden and sharp correction, I felt compelled to share this chart. ESRX has broken two separate trendline, each of which had declining degrees of trend. The first trend line was of a steeper 45 degree incline common with trending moves. The second trend line flatter, typical of consolidations. The fact that it broke under this consolidation signals that ESRX may be entering a new down trend. It has retraced back to the broken trendline and appears to be rolling over. While bullish support in the 45-47 area look formidable, it looks fairly certain that it will be tested at a minimum. I would say a good stop area would be if it closed over 51.50-52 .

Good Trading,


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